NU Online News Service, Aug. 6, 3:07 p.m. EDT
July property and casualty rates declined an average of 3 percent compared to last year at the same time due in part to favorable midyear reinsruance terms, according to MarketScout.
In its monthly rate barometer, MarketScout said rates are expected to be soft overall for the remainder of the year, barring a major catastrophic event.
Richard Kerr, founder and CEO of MarketScout, said, "Insurers received just what they needed to continue aggressive pricing for the balance of the year--favorable midyear reinsurance terms."
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