The U.S. property and casualty insurance market remains softoverall, with prices down by an average of 6 percent inJuly–unchanged from the previous month, according to the latest“Market Barometer” survey by an electronic insurance exchange.
“We are still in a prolonged softmarket,” said a statement from Richard Kerr, chief executiveofficer of Dallas-based MarketScout, who reported that surpluslines insurers are now sitting on the sidelines during the ratedownturn.
“Many insurance brokers expected tighter terms and increasedpricing after the July 1 treaty renewals,” said Mr. Kerr.“Generally speaking, it didn't happen. July 1 renewals were a bittougher for property-cat risks, but most reinsurance treaties wereplaced without much trouble.”
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