Large account commercial P&C premiums lead downward trend: CIAB

US commercial P&C rates declined in Q4 across small, medium and large accounts for the eighth consecutive quarter, according to the latest Commercial P&C Market Survey from the Council of Insurance Agents & Brokers (CIAB).

Large accounts again saw the largest decrease at 4.9%, followed by medium accounts at 3.8% and small accounts at just 1.3%. The average rate decrease was 3.3%, which is in line with the third quarter’s 3.2% decrease.

While this rate decrease began slowly during the fourth quarter of 2014, premium pricing saw the greatest decline throughout 2016, the CIAB said.

Ken Crerar, president and CEO of the CIAB, said: “While premium rate decreases have been steady throughout the past two years, there is normalisation in the market across most lines of businesses. However, commercial auto continues to harden and go against these trends.”