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Where is the insurance market going in 2017? Wells Fargo Insurance has some predictions to share. (Photo: iStock)

In its 2017 Insurance Market Outlook, Wells Fargo noted that last year was a buyer’s market for both Property & Casualty insurance and affiliated lines, as predicted in its 2016 insurance market outlook report.

The majority of insureds experienced medium to high single-digit to low double-digit rate decreases across a broad coverage range with a few coverage line exceptions. The insureds also benefited from increasing market capacity in the form of new markets competing for business and broader coverage terms and conditions, which helped drive prices down overall.

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