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Member, Beacon International Group, Ltd.
Commercial property/casualty insurance rates dropped an average 3% in July compared with a year earlier, MarketScout said Thursday.
The Dallas-based electronic insurance exchange said the service industry enjoyed the most competitive pricing among industries surveyed, with average prices down 4%. Among lines of coverage, general liability experienced the greatest pricing decline with average prices down 5%.
“Insurers received just what they needed to continue aggressive pricing for the balance of the yearfavorable midyear reinsurance terms,” MarketScout CEO Richard Kerr said in a statement accompanying the report.
“Barring a major catastrophic event, we predict an overall soft market for the balance of 2010. Rates will continue to moderate in select coverages or industries, but the composite rate will most likely continue to show a small reduction from the immediately preceding year,” he said.