Property-casualty rates continued spiraling downward for thethird straight month, with a decline on average of 12 percent inMarch–two points more than in February, and three points beyondJanuary's average drop–according to an online insurance wholesaleexchange.

Indeed, no line of business showed any sign of upward pricingmomentum last month, according to the latest “Market Barometer”from Dallas-based MarketScout.

Richard Kerr, chief executive officer of MarketScout, cited anumber of “drivers” behind the market's softening:

o Strong profits reported by major insurers.

o More admitted carriers writing business previously placed onlyin the nonadmitted market.

o An influx of new capacity via startup insurers.

o Florida legislation that will result in billions of dollars innew property insurance capacity.

o The stock market remains strong.

o No major catastrophe losses in almost 18 months.

Of 13 coverage classes of business MarketScout broke down,general liability rates declined the most at 13 percent, closelyfollowed by umbrella/excess and workers' compensation at 12percent. Surety was down the least at 3 percent, with crime andfiduciary down 4 percent.

All account sizes reported downward trends, with small accountsoff 9 percent, medium accounts down 10 percent, large accountsfalling 12 percent, and jumbo accounts down 13 percent.

By industry class, manufacturing was down the most at 13percent, while transportation saw the smallest decline at 8percent.