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 reinsurance terms, according to the latest survey by MarketScout.
In its monthly “Market Barometer” report, MarketScout said commercial insurance rates are expected to be soft overall for the remainder of the year, barring a major catastrophic event.
“Insurers received just what they needed to continue aggressive pricing for the balance of the year–favorable midyear reinsurance terms,” said Richard Kerr, founder and CEO of MarketScout.
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