Commercial property/casualty rates fell by an average of 3 percent during July compared with a year earlier, according to MarketScout.
According to the electronic insurance exchange, the service industry experienced the most competitive pricing, with average prices down 4 percent. Meanwhile general liability saw the largest pricing decline, with average prices down 5 percent.
According to MarketScout CEO Richard Kerr, "Insurers received just what they needed to continue aggressive pricing for the balance of the year -- favorable midyear reinsurance terms. Barring a major catastrophic event, we predict an overall soft market for the balance of 2010. Rates will continue to moderate in select coverages or industries, but the composite rate will most likely continue to show a small reduction from the immediately preceding year."