In March, MarketScout’s Market Barometer showed that rate increases picked up steam ever so slightly to plus-3%, but in April, a multitude of factors caused rates to moderate again to plus-2%.
MarketScout CEO Richard Kerr says, “The April composite commercial rate remained in positive territory at plus-2%, but we may see rate reductions by year end if the current trend continues. If you are in the market on a daily basis, you can almost feel a change in the wind. No reasonable insurer wants rate reductions. However, everyone seems to feel they are coming.”