Insurance brokers placing commercial lines business say they see no sign of a market turnaround anytime soon.
“The soft market continued unabated in the third quarter, fueled by strong competition and sufficient capacity,” said the Council of Insurance Agents & Brokers in its third-quarter “Commercial P/C Market Index Survey.”
The CIAB report said renewal rates on average declined 5.2 percent in the quarter, compared to a 6.4 percent decrease in the second quarter, producing “a slight slowing in the rate of decrease in pricing from quarter to quarter.”
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