U.S. property and casualty insurance price declines stabilized last month, averaging the same 12 percent cut as in March, while the softening market continued to impact some lines more heavily than others, according to MarketScout's “barometer” survey.

However, the Dallas-based insurance exchange said it is far from clear whether the softening market has hit bottom. “Insurers continue to aggressively seek new business by broadening coverages and decreasing premium,” said Richard Kerr, MarketScout's chairman and chief executive officer.

“Only the most disciplined, mature companies are maintaining a moderate approach,” he said. “Many new insurers don't have that luxury because they raised capital based upon pro-forma business models, which assumed certain levels of premium to amortize the expenses related to staffing, automation, rating and claims systems.”

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