The year 2011 came to a close with firm evidence that the soft market has ended, according to the latest figures released by the electronic insurance exchange MarketScout. Click here to see their short report and interesting graphs including their well-known barometer which is compiled by MarketScout based on new and renewal business placed through its insurance exchange. 

Average property and casualty rates rose 1 percent, which marks the second consecutive month of increase in the MarketScout barometer.

“The December composite rate increase further supports our findings that the soft market cycle has ended,” says Richard Kerr, chief executive officer of MarketScout. “There will continue to be micro markets where rates decline. However, on a composite basis, the trend is clearly towards rate increases.”

The noteable increases were in Commercial property: up 2%; General Liability: up 2%, and Workmen's Compensation: up 3%.

Hampden comment: This supports information that we are receiving from other sources and is welcome. This time last year rates were showing as down 5%.