Rates on US personal and commercial lines increased last month, according to insurance exchange MarketScout.

Commercial property and casualty rates rose 5% on aggregate for the third month in a row, with commercial property up 6%, business interruption rising 3%, general liability up 6% and commercial auto increasing 5%.

Directors’ and officers’ cover rose 4% and professional liability increased 3%.

Rates are increasingly steadily despite ample capacity, according to MarketScout CEO Richard Kerr.

Personal lines also increased, with most insureds paying more for home renewals, possibly due to the impact of tornadoes and the impending hurricane season, Mr Kerr says.

“We feel the increases are driven more by underwriters’ sentiment than actuarial projections.”

Auto insurance rose 4%, as did the aggregate figure for homes of all values. Personal effects cover increased 3%.