MarketScout recently released its market barometer update for the month of June.
According to Chairman and CEO Richard Kerr, “The market is holding steady at 7 percent for June, just ahead of the important July treaty renewals. The results of these treaty negotiations will provide a good reference for the general market direction over the next several months. The pending presidential election and interest rate concerns will begin to impact overall premium increases/decreases as
well.
“We anticipate more aggressive premium reductions on the larger
accounts over the next six months. Smaller, middle America accounts
will enjoy reduced premiums but the percentage reduction will be greater on large accounts as they will have the added influence of shrewd risk managers and aggressive large broker competition. As the market turns, insurers will generate stronger underwriting profits from middle America and small accounts. Large “risk management” accounts are fun to brag about but recently both the broker and the insurer are questioning the profitability in relation to the effort and potential exposure.”
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