Richard Kerr, MarketScout Chief Executive Officer of MarketScout, said, “after the July reinsurance renewal season is completed industry analysts will have a much better picture of pricing for the rest of 2006, with 30 percent of catastrophe treaties renewing this month.”
The only rate increases were in the commercial property and business income and crime sectors with a 1 percent up tick. The biggest rate decline was in the umbrella/excess coverage at 9 percent with general liability rates at 7 percent.
Workers compensation pricing slowed to 5 percent in June compared to 7 percent in May and could be due to the realization by insurers of higher than anticipated claims activity.
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