US commercial and personal lines rates increased at a faster pace in the second quarter, according to MarketScout’s price tracker.

Commercial gained 4.36% compared with 3.9% in the first quarter, and personal lines surged 7.6% compared with 4.75%.

Within commercial, auto recorded the highest rates increase at 8%, followed by property at 7%.

“Insurers are comfortable with their pricing and, as a result, there was no significant movement in rates for any coverage or industry group,” Novatae Risk Group CEO Richard Kerr said.

“We are at the beginning of hurricane and wildfire season, so property rates could change based on these potentially catastrophic events. But for now, all is steady.”

Novatae, a wholesale insurance broker, acquired MarketScout in 2022.

In personal lines, inflation pressures have affected homeowner and auto coverages.

“Some homeowner insurers are increasing rates because they feel the exposure reported is less than the replacement cost, thereby resulting in generally higher claims than anticipated,” Mr Kerr said.

“Building materials are more expensive due to inflationary pressures, so claim payments are larger than anticipated.”

He says auto insurance rates are up because of increased repair costs and higher than expected liability claims.

Personal auto went up 8.7% in the second quarter and rates for homes under $US1 million ($1.48 million) gained 8%.