Commercial Property/Casualty Rates in Fourth Quarter 2003 Suggest Price Competition Is Returning to Insurance Market

U.S. Newswire › January 21, 2004

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Summary

WASHINGTON, Jan. 21 /U.S. Newswire/ -- One-third of all commercial property/casualty accounts experienced insurance premiums that either held steady or dropped during the last three months of 2003 amid indications that carriers may be beginning to compete again on price.

The fourth quarter commercial market index survey, released today by The Council of Insurance Agents & Brokers, reflects responses from the largest and most successful commercial property and casualty brokers in the country. The survey showed that when commercial p/c accounts experienced increases, those premium hikes ranged from 1 percent to 10 percent, regardless of account size.

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Commercial Property/Casualty Rates in Fourth Quarter 2003 Suggest Price Competition Is Returning to Insurance Market

For small accounts, 35 percent experienced premiums that did not change or dropped during the period, with 43 percent reporting increases of 1 percent to 10 percent. Brokers across the country reported that 32 perce...

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