Growth in US commercial rates eased to 1.5% last month from 2% in June, as a slowdown on large accounts helped curb overall gains, according to analyst MarketScout.

Rates on small accounts of up to $US25,000 ($26,833) grew by up to 3%, while “jumbo” accounts of more than $US1 million ($1.07 million) were flat.

By class, business owners’ policies and commercial auto gained 3%.

Commercial property, general liability and professional liability increased 2%, while business interruption, inland marine, crime and workers’ compensation grew 1%.

MarketScout’s analysis includes business conducted through large and small brokers.

“It’s no secret smaller agencies generally produce more profitable business,” CEO Richard Kerr said. “That’s one of the reasons there are so many buyers of smaller agencies.”

Personal insurance rates slowed to 3% growth in July, compared with 4% in June.

Home rates increased 3%, with properties in coastal areas tending to pull the rest of the market upwards, Mr Kerr says.

Motor cover also grew 3%, and personal articles gained 2%.