There appears to be no relief for insurers in the buyer's market for commercial property and casualty coverage, as excess capacity and falling demand have prompted average rate cuts to accelerate, the latest pricing surveys revealed.
Rates for the second quarter of 2010 declined 6.4 percent, compared to the previous month's drop of 5.3 percent, according to the Council of Insurance Agents & Brokers' “Commercial Property and Casualty Market Index Survey.”
Since the second quarter of 2009, rate declines have hovered around 5 percent, meaning that CIAB's latest survey results marked a departure downward.
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