Richard Kerr, chairman and CEO of MarketScout, maintains that the property and casualty insurance market is softening. “As a result, business owners will have more free capital for investing. A 10 percent composite reduction in insurance premiums will have a positive impact on the economy as these premium reductions could literally put billions of dollars into the pockets of business owners,” Kerr said. He based his opinion on “submissions and pricing models developed from MarketScout’s database of over 60 ‘A’-rated insurance companies and 48,000 insurance professionals.” He noted that September had a composite rate increase of 12 percent adding, “September reflects the greatest reduction in the composite rate in three years.” Kerr predicted that the market softening will continue as long as the industry is not hit with a “major cataclysmic event or discovery of drastic under reserving methods.”
Topics Pricing Trends
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