Growth in US premiums continued to ease in the first quarter, amid lower catastrophe losses, higher capacity and more competition in the reinsurance market.

Commercial lines grew 1.5%, the lowest rise in more than a year, according to the Council of Insurance Agents and Brokers’ latest pricing trends survey.

It follows gains in the fourth, third, second and first quarters of last year of 2.1%, 3.4%, 4.3% and 5.2% respectively.

“Last year was good to the carriers, which the survey numbers reflect,” CEO Ken Crerar said.

“Catastrophe losses were low, profitability rebounded as a result of higher premiums, and the economy greatly improved. All of that, coupled with ample capacity and more competition in the reinsurance market, no doubt had a dampening effect on price increases.”

He says small accounts generally experienced bigger increases than large ones, and workers’ compensation continued to be a tough line to write.