US commercial insurance prices grew 1% last month, with industry barometer MarketScout forecasting rate rises will continue to slow.

CEO Richard Kerr says the composite rate for commercial lines “continues its slow slide”.

“We are almost completely past hurricane season, so we expect continued pressure on property rates,” he said.

Commercial property, business interruption and workers’ compensation lines increased 1% last month, while rates for general liability, directors’ and officers’ cover and professional indemnity gained 2%.

Personal lines grew 3%, with homeowners’ premiums rising by the same percentage and motor rates up 2%. Mr Kerr says personal lines insurers will have a good year, despite a few small storms.

“Rates should remain stable and actually adjust downward a bit more by year end.”