Property-casualty coverage rates are continuing a downward spiral as storms predicted for this hurricane season have failed to materialize, according to a new market report.
Dallas-based MarketScout, an online wholesale insurance marketplace, said its insurance industry monthly barometer found median rates continued to drop, recording an 8 percent dip for p-c placements.
MarketScout said the market softened even further in September, with the insurance industry anticipating a year in which it escapes any notable hurricane losses. Forecasters had initially predicted two or three hurricanes would hit the U.S. mainland, MarketScout noted.
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