The average rate for property-casualty insurance slipped another percentage point in June to a decline of 3 percent versus a 2 percent drop in May, according to MarketScout.com, a Dallas-based electronic insurance exchange. In June 2004, rates increased by 7 percent, while in June 2003, they were up 18 percent.
"The slow, methodical market decline is continuing with property renewals leading the way," said Richard Kerr, chairman and CEO of MarketScout, noting that "the larger the account, the greater the premium reduction." He warned, however, that changes to or elimination of the Terrorism Risk Insurance Act could impact property and workers' comp cost trends.
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