U.S. property-casualty insurance rates are expected to keep falling through the rest of 2008, but not at the same pace as in 2007, according to MarketScout's monthly survey.
The Dallas-based online insurance exchange reported that rates for May on average were down 11 percent, compared to a 13 percent reduction for the same period last year, and 12 percent this past April.
“In the second half of 2007, rates declined an average of 14 percent,” noted Richard Kerr, founder and chief executive officer of MarketScout. “We don't expect similar rate decreases in 2008. Rates will be down, but certainly not at the same pace as 2007.”
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