Premium rates in the US property and casualty market are continuing to fall, but there are signs of a tentative hardening.

Industry analyst Marketscout says premiums have been “swinging widely” for several years, but the past 12 months have seen those swings move into a narrow range between -5% and -3%.

“August rates are down more than they were in July, but the volume of business placed in August is considerably smaller than in most other months,” Marketscout CEO Richard Kerr said. “No doubt rate reductions continue, but over the past year the degree of reductions has definitely moderated.”

Premiums below $US1 million ($1.08 million) were subject to “more aggressive” pricing last month, while premiums over that figure were steady at -4%.

General liability was the most aggressively priced class at -6%. By comparison, professional liability was the least competitive class, down only -1%.