MarketScout: Rates fell 3% in July

Business Insurance:

“Insurers received just what they needed to continue aggressive pricing for the balance of the year—favorable midyear reinsurance terms,” MarketScout CEO Richard Kerr said in a statement accompanying the report.

“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,” he said.

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