The rate decline matched another 14 percent drop posted in June, said MarketScout. Said MarketScout CEO Richard Kerr,“Like it or not, this is a soft market.” According to Kerr, “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.”
Among various lines of coverage, commercial property, down 17 percent, experienced the greatest decline. Large accounts experienced the largest reduction according to account size, with a 15 percent downturn in rates.