Insurance Insider and Artemus are among media reporting that US property and catastrophe rates are up 1.5 per cent in September, quoting MarketScout monthly commercial insurance barometer.

The London-based online insurance publication stated that the recent slide in pricing momentum for US P&C commercial insurance “came to a halt” in September as the composite rate for coverage rose by an average of 1.5 per cent, according to MarketScout monthly commercial insurance barometer, which looks at year-on-year rate movements across commercial P&C insurance.

The US has seen a consistent slowing of the rate of increase since earlier this year, stated Insurance Insider.

The rate of increase has dropped by half a per cent in one month, having come in at 1.5 per cent in July, so this rate of deceleration could see rates decreasing year-on-year by the end of 2014.

It added: “The level of rate increase picked up by the firm’s market barometer was actually higher than the one per cent reported in August, and level with the 1.5 per cent July figure, albeit below June’s two per cent rise.

“By industry, increases were highest in the contractors market at up four per cent, followed by transportation at three per cent, while service accounts were plus two per cent, and manufacturing, habitational, public entity and energy risks all measured plus one per cent.

“All coverage classes showed positive movement, with commercial property, business owners policy, general liability, umbrella/excess, commercial auto, workers’ comp, D&O liability and EPLI up two per cent.

“Business interruption, inland marine, professional liability, fiduciary, crime and surety all registered one per cent rises, according to the survey.

MarketScout CEO Richard Kerr was quoted saying: “By size of premium, small account rates were up three per cent, medium accounts up two per cent, large accounts up 1 per cent and jumbo accounts flat, in terms of rate increases.

“We are measuring changes with a high degree of sensitivity because the monthly changes are ever so slight.

“ However, rates clearly continue to drift downward.”