The US commercial property and casualty (P&C) market stabilised in the third quarter, according to the Council of Insurance Agents & Brokers (CIAB).

The Washington-based group’s Commercial P&C Market Index Survey reports “negligible price increases overall”.

On average, prices on small, medium and large accounts in the third quarter grew 0.1% compared with a 0.5% drop in the preceding quarter.

Small accounts recorded the largest increase, 1.1%, and large accounts fell 1.1%.

CIAB CEO Ken Crerar says capacity in the third quarter remained plentiful and underwriters are “still eager for new business”.

“We’ll have to wait for the fourth quarter results to see whether the third quarter portends what’s in store.”

Competition dampened rate increases, along with relatively calm coastal weather and a softening property market along the eastern seaboard.

“More capacity means decreasing pricing and more favourable terms and conditions,” one broker told researchers. “The market is no longer firming.”

Brokers say carriers continue to be aggressive on new business and are willing to negotiate on good renewal accounts.

Topping the list of concerns for brokers are acquiring and retaining talent, cyber and terrorism risks, competition and global challenges.