The composite rate for US commercial property and casualty insurance remained weak last month at minus 1%, but insurers are seeking to shore up prices in areas such as transportation, according to analyst MarketScout.

“While insurers continue to grant minor rating concessions, many are pushing for an end to any further rate reductions,” CEO Richard Kerr said.

Transportation underwriters are increasing prices on all but the very best accounts, MarketScout’s monthly survey shows.

“The poor loss experience in transportation has prompted underwriters to demand rate increases and restrict underwriting appetite,” Mr Kerr said.

“Insurers who cannot convince underwriters they can control losses are left with few options and ultimately end of up paying a much higher rate/premium.”

By industry classification, rates for public entities were flat last month, while transportation accounts increased 3%.

Among coverage classes, workers’ compensation and property were the most aggressively priced at minus 2%.

Rates in US personal lines increased 1% last month, maintaining the recent “slow but steady” pace, the MarketScout report shows.

“Insurers are more aggressive when pricing cream-of-the-crop accounts,” Mr Kerr said. “However, they will certainly raise rates on an account with losses or poor mitigation efforts.”

He says opportunistic insurers “are slowing down rate reductions”.