Property insurance rates fall as competition growsAustralia’s commercial property rates fell 15% in the second quarter – the steepest decline since premiums began falling two years ago – due to increased competition from excess capacity, according to U.S.-based Marsh and McLennan Companies Inc., Insurance News reported. Jamie Coughlan, head of property at Marsh Risk Pacific, said profitable Australian property portfolios are attracting new entrants even as existing players struggle to grow their business.