Tag Archives: MarketScout

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Competition Drives Commercial Rates Down 4% in January

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The composite rate for property and casualty business placed in the United States measured minus 4% in January. Rates dropped from minus 2% in December 2015 to minus 5% in January 2016, MarketScout reported.

“Commercial property insurers are getting ready to scratch each other’s eyes out as they fight for market share,” said Richard Kerr, CEO of MarketScout. “We see nothing to PC Trendsprevent commercial property rates from dropping further.”

In addition to commercial property, business interruption, BOPs, professional liability, and D&O coverages were all more competitively priced in January compared to December 2015. Umbrella/Excess liability and workers compensation rates actually increased slightly over the same period, he said.

Transportation companies were assessed rate decreases of 4% in January 2016 versus 2% in December 2015. Rates for manufacturing and energy accounts were slightly higher in January 2016 than in December 2015. All other industries remained unchanged.

By accounts size, rates for small and medium sized accounts (all under $250,000) were more competitive in January 2016 than in the prior month. Large and jumbo accounts (over 250,001) were assessed rates slightly higher in January versus December.

Summary of the January 2016 rates by coverage, industry class and account size:
Coverage2 Industry3 Account

Close of 2015 Sees More Rate Reductions

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Insurers’ competition and ongoing fight for market share resulted in a composite rate down 4% in December for the U.S. property and casualty market. But while market cycles are here to stay, the current cycles are tame compared to some previous years.Barometer In 2002, there was a mean average rate increase of 30% and, in 2007, a mean average decrease of 13%, according to MarketScout.

“Market cycles are part of our life, be it insurance, real estate, interest rates or the price of oil. Market cycles are going to occur without question. The only questions are when, how much and how long.” MarketScout CEORichard Kerr said in a statement. “While it may seem the insurance industry has already been in a prolonged soft market cycle, we are only four months in.

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The market certainly feels like it has been soft for much longer, because rates bumped along at flat or plus 1% to 1½% from July 2014 to September 2015.” He pointed out that the technical trigger of a soft market occurs when the composite rate drops below par for three consecutive months.

Rate Trend

MarketScout has been tracking the U.S. property and casualty market since July 2001. Kerr pointed out that during that time, the length and veracity of the market cycles has become less volatile in the last five or six years. “Thus, the impact of a hard or soft market in today’s environment may be 5% or 6% up or down,” he said. “Can you imagine how we would react today in a market such as that of July 2002 when the composite rate was up 32%? Or in December 2007 when the composite rate was down 16%? Underwriters today have better tools to price their products and forecast losses. Further, the chances of a rogue underwriter or company are greatly reduced by the industries’ checks and balances. There may be less excitement but there are probably far fewer CEO heart attacks.”

December 2015 rate summary by coverage, industry class and account size:
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U.S. P&C Rates Continue to Decline

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As 2015 draws to a close, U.S. property and casualty insurers continue to adjust rates downward. The composite rate index for all P/C business placed in the UnitedM Scout-1 States was down 3% in November 2015, compared to down 2% in October, according to MarketScout.

“There are very few signs of rate increases. The only coverage with seemingly steady rate increases is cyber liability,” Richard Kerr, CEO of MarketScout said in a statement. “Underwriters don’t have a lot of data to use for pricing cyber so we expect pricing to be inconsistent in the near term.”

By coverage classification, property, business interruption, business owners’, inland marine, auto, umbrella, and crime coverages all adjusted down an additional 1% from the prior month. General liability and workers compensation were down an additional 2% compared to last month.

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By account size, jumbo (more than million) and large (0,001- million) accounts were the most competitively priced and were down an additional 2% from the preceding month.

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Medium ($25,001-$250,000) and small (up to $25,000) accounts were down an additional 1% from October, MarketScout said.

Manufacturing and service industries were down an additional 2% from the prior month. Habitational, contracting, public entity and energy were down 1% from last month. Transportation was unchanged.

Summary of November 2015 rates by coverage, account size and industry class:

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Annualized year-on-year rate adjustments from November 2014 to November 2015:

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August P&C Rates Flatten in U.S.

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The August 2015 composite rate for property and casualty insurance placements in the United States were flat or showed no change compared to the July 2015 composite rate, Aug-Market Scoutwhich was up 1%, according to MarketScout.

“Thus far, 2015 is proving to be a steady year.

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Rates were up very slightly in February and July but all other months were flat,” said Richard Kerr, chief executive officer of MarketScout.

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“Again, it appears soft markets are not as soft as they once were and hard markets aren’t as hard. The cycles are moderating, probably because underwriters have so many tools to assure pricing is appropriate. These tools and increased board level oversight keep the cowboys in check—at least most of the time.”

All accounts with premiums under $1,000,000 were flat. Insureds with premiums in excess of $1,000,000 paid 3% less than in the same period last year. “Clearly, large insurance buyers are getting preferential pricing from insurers,” MarketScout said.

Rates by coverage classification were flat except for commercial auto, which was up 2%, and commercial property, which was up 1%.

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By industry classification, all rates were flat except manufacturing, which was down 1%, and transportation, which was up 2%.

Summary of August 2015 rates by coverage, industry class and account size:

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Account-2Industry-3