The soft market continued to bottom out last month, as property and casualty insurance rate declines averaged 4 percent, compared to 5 percent in August, according to the Market Barometer survey by MarketScout.
The Dallas-based electronic insurance exchange's monthly price check indicated that overall commercial insurance rates have moderated substantially from last year, as composite rates fell by an average of 10 percent for September 2008.
“Rates will continue to moderate for the balance of 2009,” predicted Richard Kerr, chief executive officer of MarketScout. “By early 2010, we anticipate most lines of coverage will be renewed as expiring or for a slight rate increase.”
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