NU Online News Service, July 26, 3:35 p.m. EDT
The continuing soft market is weakening the credit quality of property and casualty insurers, making their future "problematic," according to an analysis released by Moody's Rating Service.
In its weekly credit outlook report issued today, Moody's said the latest Council of Insurance Agents and Brokers survey underscores the continuing soft market that the industry is suffering through. Average premium rate declines since the third quarter of last year stand in excess of 5 percent. During the second quarter of this year insurance brokers surveyed said rate declines averaged more than 6 percent.
"In the absence of a significant catastrophe, we do not expect a reversal in the downward slide of commercial property pricing in the near future," Moody's said regarding the property side of the business.
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