Property and casualty insurance pricing remained soft through midyear, with rate declines moderating at a slow but steady pace, MarketScout's monthly “Barometer” survey found.

The composite rate index for June 2009 was down 6 percent–the same figure as in May, but nearly half the average cut of 11 percent for the same month in 2008.

“June renewals show rate declines that continue to moderate, with many insurers waiting to determine how the July 1 reinsurance renewals will impact capacity,” according to Richard Kerr, chief executive officer of the Dallas-based electronic insurance exchange.

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