NU Online News Service, Oct. 21, 1:04 p.m. EDT
Brokers in all regions of the U.S. agreed that the commercial property and casualty market remains competitive, particularly for new business, and that insurers are still willing to "reduce premiums significantly," according to a Council of Insurance Agents and Brokers (CIAB) survey.
"The soft market continued unabated in the third quarter, fueled by strong competition and sufficient capacity," CIAB said in announcing the results of its third quarter "Commercial P/C Market Index Survey."
Renewal rates declined by 5.2 percent on average, CIAB said, compared to a 6.4 percent decrease in the second quarter. Rates for large accounts declined 6.6 percent, mid-size accounts declined 5.5 percent and small accounts declined 3.6 percent, according to the survey results.
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