“We anticipate rate decreases to moderate for the remainder of 2008,” Richard Kerr, MarketScout’s chairman and chief executive officer, said in statement announcing the March results. “However, a lessening rate decrease in 2008 does not mean the soft market is coming to an end.”
Mr. Kerr noted that the soft market began in February 2005, “so after 36 months, rate reductions will naturally moderate. For instance, including the March 2008 reduction of 12%, rates are down almost 30% from March 2005 to March 2008.”