Households and mutual funds should continue to see strong growth in their investments in the municipal market into 1993, while property and casualty insurance companies may not be a key player for the next few years, analysts said after reviewing Federal Reserve data.

Property and casualty insurance companies posted a $1.9 billion decline in tax-exempt assets in the third quarter of 1992, the largest drop among any sector of holders of municipal securities, according to the Fed's Flow of Funds Accounts.

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