Price declines for the property-casualty insurance market appear to be stabilizing, keeping about the same pace over the past two quarters, according to a poll of agents and brokers.
In its quarterly survey of 105 member brokers, the Council of Insurance Agents & Brokers found the amount and pace of price declines steadying.
"We think the survey generally reflects what is going on in the marketplace," Ken Crerar, president of the CIAB, said in a statement. "There is still plenty of capacity, but as industry analysts have noted recently, the economic woes, coupled with the soft market, are beginning to hit insurers' bottom line. Relatively mild hurricane seasons the last two years have helped the industry return to profitability, but the clock may be ticking on that front."
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