US commercial property and casualty prices continued to rise in the second quarter, but at a slower rate than previously.

Pricing grew by an average of 4.3% compared with 5.2% in the first quarter, according to the Council of Insurance Agents and Brokers.

Small (4.6%) and medium (4.7%) account pricing increased more than large accounts (3.8%).

Council President and CEO Ken Crerar says the results contain “no great surprises”.

“Prices inched up, underwriting tightened and insurers looked to reduce exposure in some critical areas,” he said. “However, the market hardening appears to have moderated in the last quarter.”

The effects of Superstorm Sandy are still being felt, with insurers looking carefully at catastrophe-prone property exposure, the council’s quarterly report says. Brokers say insurers are using more wind and hail deductibles.

Insurance demand appeared to hold steady in the quarter, which suggests the economy is slowly recovering.

Brokers’ major concern continues to be finding young talent to replace an ageing and retiring workforce, according to the report.