continued from page 1
“It’s the same old story,” said Coun-
cil President Ken A. Crerar. “Carriers
continue to fight aggressively for new
business as capacity flows into the
market. It’s like someone forgot to
turn off the spigot. No one seems to
know when the reservoir will dry up,
but in the meantime, it’s definitely a
buyers’ market.”
Commercial renewal pricing for
small, medium and large business ac-
counts continued to decline in the
second quarter, compared with the
first quarter of the year. Large account
rate declines were again slightly more
than the other accounts, but pricing
for all account sizes was soft, accord-
ing to The Council’s survey data. All
individual commercial lines included
in the survey experienced rate de-
creases, compared with the previous
quarter.
Brokers across the country reported that capacity was abundant for all lines: “New carriers continue to enter the marketplace, further driving rates down. The capacity seems endless at this point,” said one broker.
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