Property insurance rates down 15%; Market competitive for first time since Sept. 11.(Finance)

Crain's Chicago Business, July, 2004 by Daniels, Steve

Byline: STEVE DANIELS After two years of steep increases in property insurance rates following the Sept. 11 terrorist attacks, prices have moved down decisively in recent months, giving businesses some relief. Within the last six months, commercial property rates have declined 15% or more as businesses renew their policies, insurance brokers and risk managers for corporations say.

Underwriters are vying hard for marketshare again after losing their appetite for new business in the immediate aftermath of the World Trade Center destruction. The news is particularly good for real estate companies, but also welcome to property-intensive companies like utilities. Chicago-based Jupiter Realty Inc., which owns more than $1 billion worth of office and apartment...