Although rates of renewal increases in property/casualty insurance lines have slowed overall, some markets continue to be problematic, according to an announcement released by Dallas-based MarketScout. Richard Kerr, chairman and CEO of MarketScout, commented: “November renewal increases averaged 10 percent, down from 12 percent in October. Rates are continuing to stabilize in traditional lines of coverage. Property underwriters are cutting rates. However, directors and officers and medical malpractice underwriters are hanging tough. We anticipate problems in the workers’ compensation area when insurers and state funds realize they are under reserved. Generally, the larger the account the more aggressive the premium reduction, regardless of coverage line.”
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