The composite premium rate for US commercial property and casualty insurance was down 3% last month, according to analyst MarketScout.

This represents a slight slowdown in the pace of cuts, following three consecutive months of 4% drops.

“One month certainly is not a trend, but insurers did moderate their aggressive pricing in March,” MarketScout CEO Richard Kerr said.

In personal lines insurers stopped cutting rates, with the composite rate index flat.

“This may be temporary but still gives insurers a better outlook for the future,” Mr Kerr said.

“Many feel significant rate increases are needed in portions of the US.

“We must remember the personal lines rate index is for policies placed across the US. Consumers in some geographic regions are facing considerable rate increases while others enjoy rate reductions. Overall, the composite rate is flat.”