US premium growth has slowed slightly as insurers adapt to new capacity in the market, according to the latest Council of Insurance Agents and Brokers pricing trends survey.

Pricing for large, medium and small commercial lines accounts grew 2.1% in the fourth quarter of last year – the lowest rise in two years. Rates had gained 3.4% in the third quarter of last year, 4.3% in the second and 5.2% in the first, the survey shows.

“We didn’t see any significant changes last quarter, which is not surprising,” Council CEO Ken Crerar said. “Underwriting seems to have remained disciplined.

“It appears new capacity in the market, such as the arrival of Berkshire Hathaway Specialty Insurance, helped dampen pricing a bit last quarter. That, and the fact catastrophe exposures were low, added up to a more stable pricing environment overall.”

Some lines, including commercial property, workers’ compensation and employment practices liability, showed continued signs of flattening in the fourth quarter. US brokers also noted more interest in products such as cyber liability insurance.