There appears to be no letup in the commercial property-casualty soft market, as average premium prices deteriorated after showing some signs of stability over the past year, according to a producer association.
The Council of Insurance Agents & Brokers' (CIAB) "Commercial Property and Casualty Market Index Survey" of 160 respondents found that average premium rates for the second quarter of 2010 declined 6.4 percent. This compares with the previous month's decline of 5.3 percent.
Related: Read "Insurer CEOs predict slow economic recovery, lingering soft market."
Since the second quarter of 2009, rate declines have hovered around 5 percent. Washington, D.C.-based CIAB's recent survey results marked a departure from what some have said may be signs of a stabilizing market.
By account size, small accounts experienced a decline of just over 3 percent, keeping in line for the past four quarters. However, midsize accounts came in with a decline of 7 percent, a jump from the previous month's 5.7 percent. Large accounts declined 8.9 percent compared with 7.4 percent over the previous three quarters.
There was no notable change in customer demand, CIAB noted, saying that only 26 percent of those surveyed said demand was up, about the same as it was in the first quarter.
