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Property/casualty insurance rates largely unchanged: CIAB analysis

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Average commercial property/casualty insurance rates remained largely unchanged during the third quarter of this year, according to a survey that the Council of Insurance Agents & Brokers released Wednesday.

According to the Washington-based CIAB's “Commercial P/C Market Index,” pricing on average increased 0.9% in the third quarter of the year compared with an average 5.2% decline during the same period last year.

Workers compensation pricing increased the most—up 4.1% compared with the same period of 2010.

Commercial property increased 3% in the third quarter of 2011 compared with a year earlier, but general liability pricing increased only 0.2%.

“We really didn’t see any significant trend last quarter, though rates appear to be edging towards positive territory,” CIAB President Ken A. Crerar said in a statement accompanying the study. “There’s still plenty of capacity in the market to dampen prices.”