Commercial property-casualty prices continue to decline, fallingan average of 14 percent in June, compared to 13 percent the monthbefore, according to the latest Market Barometer put out byMarketScout, a Dallas-based electronic insurance exchange.

"There is intense competition for business in the reinsurancesector, generated via traditional channels and from the newopportunities for insurers to spread risk in the capital markets,"according to MarketScout's chief executive officer, RichardKerr.

While there was some indication of a slight drop in profits inthe second quarter, "the correction appears to be insignificantbecause insurers are continuing to aggressively price theirproducts," he added.

In the absence of a potent hurricane season, the property marketwill remain soft in the foreseeable future. "It is going to take anincredibly tough hurricane season coupled with other catastrophicevents to turn the soft property market," he said.

Umbrella-excess suffered the greatest price decline at 16percent, followed by commercial property and general liability at15 percent. Fiduciary showed the smallest decline at 5 percent.

By account size, those over $1 million in annual premium showedthe largest drop, at 15 percent, while the accounts up to $25,000in premium were down about 12 percent.