The price war among the US property and casualty market appears to be losing intensity after rate reductions slowed during August.

Commercial property and casualty rates fell by an average 5% in August, compared to 6% in July and 10% a year ago, according to online insurance exchange MarketScout.

Directors’ and officers’ liability insurance rates were flat after three years of discounting, reflecting a conservative approach to underwriting.

“While the overall market is still soft, the market is continuing to moderate,” MarketScout CEO Richard Kerr said.