U.S. commercial insurance rates fell 6.4 percent in the second quarter, accelerating their decline from the prior period, as customers demand less coverage and more carriers enter the market, an industry group said. The decline compares with a 5.3 drop in the quarter ended March 31, the Council of Insurance Agents & Brokers said Monday in a report posted on its Web site. Accounts generating more than $100,000 in commissions and fees had the biggest drop at 8.9 percent, the group said. "Carriers continue to fight aggressively for new business as capacity flows into the market," Council President Ken A. Crerar said in the statement. "It's like someone forgot to turn off the spigot. No one seems to know when the reservoir will dry up, but in the meantime, it's definitely a buyers' market." Commercial insurers have been lowering prices to compete for declining amounts of business as job cuts and plant closings leave corporate customers in need of less coverage. Demand for insurance didn't increase in the second quarter, according to 74 percent of brokers surveyed by CIAB. -- Bloomberg