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MarketScout: US commercial P&C rates drop 3% in March

U.S. commercial P&C insurance composite rate fell 3% onaverage in March, compared to a 4% decline in , according to MarketScout.

"One month certainly is not a trend but insurers did moderatetheir aggressive pricing in March," MarketScout CEO Richard Kerr said.

By coverage classification, commercial property recorded thelargest decline at 4%, followed by business interruption and professionalliability at 3%. Inland marine, umbrella/excess, workers' compensation,directors and officers liability and fiduciary dropped 2%. Business owners'policy, general liability, commercial auto and surety fell 1%, while employmentpractices liability insurance and crime remained flat.

Large accounts with a premium of $250,001 to $1 million,medium accounts of $25,001 to $250,000 and jumbo accounts of more than $1million saw rate reductions of 4%. Small accounts of up to $25,000 decreased 3%.

MarketScout reported that personal lines composite rate inMarch was flat. Premiums for homeowners insurance for homes over $1 million invalue and premiums for homes under $1 million in value were flat, Automobileinsurance rate was also flat. Personal articles rate was down 1%.