The soft market continued to bottom out last month, as propertyand casualty insurance rate declines averaged 4 percent, comparedto 5 percent in August, according to the Market Barometer survey byMarketScout.
The Dallas-based electronic insurance exchange's monthly pricecheck indicated that overall commercial insurance rates havemoderated substantially from last year, as composite rates fell byan 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. “Byearly 2010, we anticipate most lines of coverage will be renewed asexpiring or for a slight rate increase.”
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