FOR IMMEDIATE RELEASE
Downward Trend in Commercial P&C Rates Continued in Q4, According to CIAB Market Survey
WASHINGTON, D.C. – Commercial property/casualty (P/C) rates declined in Q4 across small, medium and large accounts for the eighth straight quarter, according to The Council of Agents & Brokers’ Commercial P/C Market Survey. While this rate decrease began slowly during the fourth quarter in 2014, premium pricing saw the greatest decline throughout 2016. However, survey respondents noted that the decrease in rates in the fourth quarter were fairly consistent with Q3 2016, signaling some stability in the market.
The average rate decrease was 3.3 percent, which is consistent with the third quarter’s 3.2 percent decrease. Large accounts again saw the largest decrease at 4.9 percent, followed by medium accounts at 3.8 percent and small accounts at just 1.3 percent. One broker from a mid-market firm on the east coast noted that the continuation of the soft market is no surprise, as increased competition puts downward pressure on premium pricing.
P&C Market Survey Contact:
Zach West
Senior Content Specialist/Copy Chief, Leader’s Edge
