A small shift in rates is under way in the US with the composite property and casualty (P&C) rate improving by one percentage point in June.

Figures from US insurance exchange MarketScout show that the composite P&C rate improved to -3% in June, after sitting at -4% for the previous three months.

MarketScout CEO Richard Kerr says the composite rate “is up only 1% but that increase includes the impact of aggressive pricing of smaller, online placements which offsets price increases in the larger, more difficult accounts”.

He says rates across the US for general liability and property covers were down 3% while rates for business owners’ policies, professional liability, directors’ and officers’, employment practices liability, crime and surety policies were flat.

Workers’ compensation was again the strong point, with rates up 1% for June, leading Mr Kerr to comment: “It looks like workers’ compensation will be the coverage leading us out of the soft market.”