The latest monthly "Market Barometer" survey found property-casualty rates on average plunging 15 percent in October–matching September's mark–with no turnaround in sight, according to MarketScout, the online insurance exchange.
"There is simply too much capacity chasing premium, and what is perceived as incredible opportunities for underwriting profits," said MarketScout CEO Richard Kerr, predicting a very competitive market "well into 2008."
"The only thing that will turn this market in the next six months is a horrific catastrophe or some type of unknown legislative or legal action which profoundly impacts the insurance industry," he added.
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