(Bloomberg) — U.S. property insurance rates are decreasing for the first time in almost seven years, after insurers returned to profitability amid lower losses tied to catastrophes.
Related: Weather, inflation and home values: The perfect insurance storm
The average U.S. property insurance rate decreased 0.94% in the second quarter from a year earlier, following several periods of softening increases over the past year, according to a property market report from Aon Plc. It's the first time rates have decreased since the third quarter of 2017.
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