The Council’s Latest Survey Shows Rates Up Again in 4Q

Workers' compensation led the way for fourth-quarter rate increases at 7.5 percent-contributing to an overall industry average rise of 2.8 percent for the time period, according to The Council of Insurance Agents & Brokers.

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The Council released its 4th quarter survey results of member insurance brokers yesterday, saying prices have rebounded from negative-5.4 percent for the same period last year.

"It's clear from the data that the market continued its upward momentum in the fourth quarter," says Ken A. Crerar, president and chief executive officer of The Council. "Capacity was still strong, but prices rose in the face of declining underwriting profitability, dwindling reserves and huge [catastrophe] losses."

Average rates, on a quarter-to-quarter basis, stood at 0.9 percent for the third quarter of 2011 rising to 2.8 percent in the fourth quarter.

All three account sizes displayed increases in the fourth quarter, compared to the previous quarter where only small and medium size accounts increased.

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