FOR IMMEDIATE RELEASE
Downward Trend in Commercial P&C Rates Continued in Q3, According to CIAB Market Survey
WASHINGTON, D.C. – Commercial property/casualty rates decreased across all size accounts once again, according to The Council of Insurance Agents & Brokers’ Commercial P/C Market Survey for the third quarter of 2016. The average decrease was -3.2 percent which is a slight increase from -3.9 percent in Q2. Large accounts once again saw the largest decreases at -4.3 percent, followed by medium-sized accounts at -3.7 percent, and small accounts at -1.5 percent.
Rates decreased across most lines, except Commercial Auto and Employment Practices Liability, which was also consistent with Q2. Commercial Property saw the biggest rate decreases at -4.5 percent, followed by General Liability at -3.0 percent and Workers Compensation at -2.6 percent. Commercial Auto continues to be very difficult to place as carriers lack the appetite to take on additional exposure in that line and many are actively trying to shrink their exposure. Commercial Auto rates increased once again by 3.2 percent and Employment Practices Liability increased slightly by 0.3 percent.
P&C Market Survey Contact:
Zach West
Senior Content Specialist/Copy Chief, Leader’s Edge
