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DALLAS--Commercial property/casualty insurance rates fell an average 14% in July compared with a year earlier, MarketScout reported late Monday.
The drop matched a 14% reduction in June, according to the Dallas-based electronic insurance exchange. Commercial property experienced the greatest decline among lines of coverage at 17%. Large accounts experienced the largest reduction according to account size, with a 15% decline.
"Like it or not, this is a soft market," said Richard Kerr, MarketScout's chief executive officer, in a statement accompanying release of the July results. "Most insurers are adjusting their business plans to reflect the impact of a 29 month-old soft market by expanding acceptable class codes and adjusting rates."