Soft market declines held steady for the second month in a row, as commercial insurance prices were down 14 percent on average in July, with property risks leading the way–falling 17 percent, an online insurance exchange reported.
Dallas-based MarketScout's monthly "Market Barometer" showed July's average rate cut equaling June's 14 percent decline.
The industry is now firmly entrenched in the 29th month of a soft market, according to Richard Kerr, chief executive officer of MarketScout. However, he said some insurers are holding their rates and plan to "sit on the sidelines" to protect their capital base and re-enter the market when pricing is more favorable.
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