The composite rate for all US property and casualty lines was up 1% last month, compared with a flat result in January, MarketScout reports.

CEO Richard Kerr says it may mean underwriting executives are “actually walking away from underpriced business”.

Rates by class show no deterioration in any line. Auto, professional liability and employment practices insurance increased 2%.

By account size, large accounts – $US250,001 to $US1 million ($327,000 to $1.3 million) premium –  moved from flat to 1% growth.

The contacting, habitational, public entity and transportation industry classifications increased 1%.

Mr Kerr cautions February is normally a low-volume premium month, but “historically once the insurance market starts softening it normally accelerates rather than moderates or turns around”.

MarketScout does not believe insurers will “cut deep and long” in the present cycle.

“Big Data, modelling software and improved underwriting acumen are resulting in insurers simply being too smart to fall for extended and deep price cuts,” Mr Kerr said.