Purchasing insurance for catastrophe-zone properties is close to undoable, but elsewhere competition for property coverage is increasing rapidly and prices are falling quicker than expected, one major brokerage firm reports.

Willis in New York made that finding in its latest "Property Alert." However, even as prices drop, the firm said the market is not truly "soft" when compared with pre-2006 conditions.

Insurance buyers "are clearly benefiting from the health, financial strength and increased capacity of today's insurance marketplace," Willis said.

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