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Property/casualty insurance rates down 2% in October

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Commercial property/casualty insurance rates fell an average of 2% in October, Dallas-based electronic insurance exchange MarketScout reported Thursday.

Rates for all lines of coverage except business owners policies, commercial automobile and crime — all of which registered 1% increases — experienced decreases or were flat. Commercial property, for example, posted a 2% rate decrease.

All sizes of accounts enjoyed decreases as well. And all classes of business tracked by MarketScout reported decreases except the service industry sector, which was flat.

“Insurers are hungry for premium, and capital providers are searching for ways to get in on the action,” said MarketScout CEO Richard Kerr in a statement. “The obvious result is more competition resulting in rate reductions.”