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Insurance and Banking News
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Edited by Christopher Simmons, senior news editor
PREMIUM REDUCTIONS WILL STIMULATE ECONOMY, CONCLUDES MARKETSCOUT
DALLAS, Texas - (Send2Press Newswire) - October 6, 2003 -- MarketScout
(www.marketscout.com), a Dallas, Texas based e-commerce company
specializing in the distribution of property and casualty insurance
products, distributes a monthly Market Barometer that indicates the
commercial property and casualty market condition in the United States.
September s figures clearly reflect the beginning of the end of the
property and casualty hard market.
According to Richard Kerr, Chairman and CEO of MarketScout, "The
property and casualty insurance market is softening. As a result,
business owners will have more free capital for investing. The pending
reduction in insurance premiums will have a positive impact on the
economy as these premium reductions could literally put billions of
dollars into the pockets of business owners."
Based upon submissions and pricing models developed from MarketScout's
database of over 60 A-rated insurance companies and 48,000 insurance
professionals, September's composite rate increase is 12%. September
reflects the greatest reduction in the composite rate in three years.
Kerr also stated, "Absent a major cataclysmic event or discovery of
drastic under reserving methods, the market will continue to soften. The
September 2003 market data is a clear signal the insurance market is
nearing the end of a four-year hard market cycle. Our calculations,
coupled with the Insurance Services Office (ISO) statement that the US
property and casualty industry's net income after taxes rose to $14.5
billion in first half 2003 (as compared to $4.4 billion in first half
2002), indicate the property and casualty hard market is over."
MarketScout is accessible by its 48,000 users for insurance placement
and research. MarketScout presents over 60 A-rated insurance companies,
organized in a "Best of Class" format based upon their specific
expertise.
For more information on the Market Barometer, please go to
http://www.marketscout.com/barometer.asp.
Organization Website:
www.marketscout.com
Source of News:
Insurance Data Systems dba MarketScout
Texas Business Newswire
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Insurance and Banking Newswire
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