Worst of rate declines could be over, survey finds

Soft market conditions continue in second quarter 2008 but US p/c insurers strong enough to cope with price deterioration

The US commercial property/casualty (p/c) market remained mired in soft market conditions during the second quarter of 2008, but there were some signs that the steepest decline in rates may be over, according to the Council of Insurance Agents & Brokers (CIAB). Meanwhile, another industry survey suggests that the strong financial strength of US property/casualty insurers should enable the industry to withstand the current price deterioration.