Lingering Soft P&C Market Creates 'Pain For Everyone'

Rates for U.S. property and casualty commercial insurance policies were down an average of 4 percent during September–the same as the month before–with the most competitive pricing for accounts over $1 million in premium, according to MarketScout.

The lengthy soft market and recession are “creating a lot of pain for everyone,” including insurers, reinsurers, agents and brokers, according to Richard Kerr, chief executive officer of MarketScout, which produces the monthly “Market Barometer.”