FOR IMMEDIATE RELEASE
Market Sees Downward Trend for Ninth Straight Quarter, According to CIAB Market Survey
WASHINGTON, D.C. – Commercial property and casualty (P&C) rates remained competitive in Q1 2017 – the average rate decline across all accounts was 2.5 percent, compared to 3.3 percent in Q4 2016, according to The Council of Insurance Agents and Brokers’ Commercial P&C Market Survey.
The soft market saw a decline in rates for the ninth straight quarter across small, medium and large accounts. Premium pricing saw its greatest decline throughout 2016, but has since begun to stabilize in 2017. Once again, large accounts saw the greatest rate decrease at 3.8 percent. An increase in new and expanding market entrants and aggressive underwriting led to a competitive first quarter.
Rate change by line of business also saw similar rate decreases, with the exception of commercial auto, which has been a consistent trend since Q3 2011. “Automobile is the only line of business under stress,” explained one respondent from a small regional-sized firm in the mid-east. “Premium increases in this line are being offset by the other lines resulting in flat–to-small single digit increases in the overall account premium.”
P&C Market Survey Contact:
Zach West
Senior Content Specialist/Copy Chief, Leader’s Edge
