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.”
“Everyone is fighting and scratching for market share,” Mr. Kerr noted. “If rates don't go up soon and the economy remains in the doldrums, the fighting will only get worse.”
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