Premium rates for property-casualty insurance slipped another percentage point over last month, according to the electronic insurance exchange MarketScout, in its monthly report.
The Dallas-based service said composite rates decreased 3 percent versus a 2 percent decrease last month. Last year, in June 2004, rates increased by 7 percent, and in June 2003 rates were increasing at an aggressive 18 percent.
"The slow, methodical market decline is continuing with property renewals leading the way," said Richard Kerr, chairman and chief executive officer of MarketScout, in a statement. "However, if TRIA is in fact altered considerably or eliminated, both property and workers' compensation rates would be impacted. The result would most certainly be a cessation of rate reductions in these lines of coverage."
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