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US rates continue to flounder

The soft US property and casualty insurance market shows no sign of turning, with rates down an average of 15% last month.

Electronic insurance exchange MarketScout says general liability lines have led the downwards march, sliding 18%, while D&O insurance shed 17%.

Manufacturing suffered the biggest loss of any industry sector, down 16%, while transportation fared better, only experiencing a 10% slide.

Workers’ compensation insurance coped better than other lines, shedding 9%, while business interruption was down 15% and commercial motor 10%.