The commercial insurance market continues to enjoy an outstanding year of profits. The lack of hurricanes this season and increased rates for catastrophe prone areas and has sent profits soaring. With soaring profits insurance companies are lowering rates to retain clients and attrack new clients. According to one market study, insurance rates have fallen for the last 5 quarters and the average rate decrease for October 2006 was 9%.
Every client is different, but in general, if you have had few to no claims for the past year or two, and you have made money for your insurance carrier, you should be seeing a lower premium for your business insurance. If not, talk to your agent, or better yet, talk to me.
For you personal lines clients, pricing on auto and home insurance does not flucuate like it does on business insurance. I will make a note to discuss this again in the future.
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