While experts point to signs of recovery, property/casualty insurers are still mired in a soft market. According to research released yesterday by MarketScout, the composite property/casualty rate was down 5% for February 2010.
“The last six months have actually been quite consistent with rate reductions bouncing between 4% and 5% each month," says Richard Kerr, CEO of MarketScout. "There will always be some changes month-to-month but, generally, we are seeing a consistent pattern of pricing in most coverage classes. However, coastal property rates in select geographic locations are firming.”
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