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.
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.
“We, along with our clients, are excited that rates are finally decreasing,” Vincent Flood, Aon’s U.S. property practice leader, said in an interview.