The upward climb in property insurance rates has suddenlyreversed course thanks to abundant capacity and continued lightcatastrophe losses, says Willis North America.

The insurance broker, a unit of Willis Group Holdings, revisedits property rates forecast for the second half of this yearpredicting prices will decrease by 5-10 percent for non-catastropheexposed accounts and remain flat or decrease up to 5 percent forcatastrophe accounts.

Willis says its previous report, published in April, found ratesfor catastrophe exposed accounts were flat or increasing by 5percent.

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