After six years, the U.S. property/casualty market is positioning for a turn, according to online insurance exchange MarketScout.
MarketScoutÃ¢â‚¬â„¢s prognosis came as the composite rate for U.S. based property and casualty accounts moderatedÃ‚ for threeÃ‚ consecutive months. May 2011 rates were down 4 percent, June rates were down 3 percent and July is down 2 percent.
The last time the composite rate moderated for three consecutive months was in October 2005.
MarketScout noted that after almost six years, a pattern of consistent moderation in insurance pricing has occurred:
WorkersÃ¢â‚¬â„¢ compensation rates continued to lead U.S. insurers out of the soft market with rate increases of 2 percent in July.
While property rates moderated to minus 2 percent for all classes of property combined, catastrophe exposed property rates are up 3 to 4 percent.
Richard Kerr, CEO of MarketScout, commented: