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Property/casualty rates still sliding in 'buyers' market'

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Commercial property/casualty insurance rates decreased an average of 3.9% for the second quarter this year, up slightly from the 3.7% decline in the first quarter, the Council of Insurance Agents & Brokers said Thursday.

Large accounts again experienced the largest rate decrease, an average of 5.3%, followed by midsize accounts, which declined 4.2%, and small accounts, which fell an average of 2.1%, according to the Washington-based council.

Commercial property rates had the largest decreases during the second quarter at 6%, followed by workers compensation at 4.3%, general liability at 3.6% and business interruption at 3%, according to the survey.

“These results confirm everything we've heard from our members anecdotally this year,” council President and CEO Ken A. Crerar said in a statement. “Carriers are aggressively pricing new business while attempting to hold rates steady on renewals. It's a buyers' market.”