US commercial property and casualty premium rates grew more slowly last month, gaining 4%, down from 5% in September.

Other insurance classes registered premium decreases, according to insurance exchange MarketScout.

General liability coverage rate increases slowed to 3% from 6%, small accounts and commercial property to 4% from 6% and business owner policies slowed to 3% from 5%.

“The upward trajectory of rates certainly lost some steam in October,” MarketScout CEO Richard Kerr said.

“The general liability results are significant because this coverage is offered by a large percentage of both the admitted and non-admitted marketplace.

“We will watch closely to see if more aggressive pricing creeps into other lines of coverage through the end of the year.”

Commercial motor rates were the strongest last month, rising by 6%, up from 5% in September.

As the hurricane season nears an end, US personal lines insurers are beginning to relax pricing, MarketScout says.

Homes worth less than $US1 million ($1.05 million) and motor exposures had lower rate increases last month – 3%, down from 4% in September.

“Homeowners and auto coverages on traditional accounts are enjoying premium reductions largely due to little catastrophe activity, but the high-value personal lines market actually assessed a month-on-month rate increase on their insureds,” Mr Kerr said.