Excess capacity in the US property and casualty (P&C) market has led to another quarter of declining renewal pricing as insurers continue to chase market share.

The Council of Insurance Agents & Brokers’ second-quarter commercial P&C market index survey, released last week, reveals a 6% reduction in rates across the board.

It follows an average 5% reduction in premiums during the first quarter.

Council President Ken Crerar says many insurers are continuing to fight aggressively to land new business. “It’s definitely a buyer’s market.”

Commercial renewal pricing declined across the small, medium and large business portfolio, with slightly better discounts available to larger firms.