Electronic insurance exchange Marketscout says its composite rate for property and casualty price movements in the US has improved for the third consecutive month, prompting it to declare “the beginning of a slow correction”.

CEO Richard Kerr says US rates were down 4% in May, 3% in June and 2% in July.

“After almost six years, a pattern of consistent moderation in insurance pricing has occurred,” he said.

“The trend towards rate moderation and in some categories, rate increases, further supports the position the market has bottomed out and is finally beginning a slow correction.”

Rates for workers’ compensation, professional liability, directors’ and officers’, crime and surety all rose for the month.

Property rates moderated to -2% for all classes of property combined, but Mr Kerr says that catastrophe-exposed property rates were up 3-4% in July.