The continuing soft market is weakening the credit quality of property and casualty insurers, making their future “problematic,” with no turnaround in sight, according to an analysis by Moody's Rating Service.
In its weekly credit outlook report, Moody's noted that the latest Council of Insurance Agents and Brokers price trend survey (http://bit.ly/dpjuRw) underscores the continuing soft market hammering industry top- and bottom lines.
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.
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