CIAB says commercial property casualty pricing stabilized in third quarter (Washington, D.C. – Insurance News and Markets) - According to the Council of Insurance Agents and Brokers (CIAB), the market for commercial property/casualty insurance stabilized in the third quarter of the year. Since 1999, the CIAB has put out this quarterly survey and is the oldest source of information on the property-casualty market, pricing and trends. Compared with this time last year, accounts rose 0.1 percent when they had dropped .5 percent in the same quarter in 2013. Large accounts fell more than one percent, while small accounts increased 1.1 percent. “We didn’t see much change in pricing or underwriters’ approach over the last quarter compared to the second quarter,” said Ken A. Crerar, president/CEO of The Council. “Capacity remained plentiful and underwriters were still eager for new business. We’ll have to wait for the fourth quarter results to see whether the third quarter portends what’s in store going forward,” Crerar said. Competition, the calm CAT season, and capacity increases from specialty carriers helped to keep rates stable and keep rate increases low. Carriers have been aggressively pursuing new businesses and more willing to negotiate with accounts in good standing to keep their business. A broker in the northeast United States responding to the report said that “carriers continue to offer more competitive pricing and terms on clean renewal business.” Brokers found themselves concerned about acquiring and retaining talents, risks of cyber security and terrorism, competition and global challenges. Source: The Council of Insurance Agents & Brokers.
Posted on: Sat, 08 Nov 2014 00:56:07 +0000
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