With U.S. property and casualty insurance rates falling 4 percent in October 2010, the industry may be experiencing a “new normal” in terms of market conditions, according to an executive.

Richard Kerr, founder and chief executive officer of MarketScout–whose firm produces the metric known as the monthly market barometer–observed that “since February 2005, rates have been cut in all areas regardless of how the data is measured.”

He added, “It doesn’t matter if you measure by line of coverage, industry group, or the size of account–insureds have enjoyed a rate reduction every month with the exception of a month here and there for directors and officers coverage.

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