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US rates down 14%

US property and casualty premiums declined by an average of 14% in February, according to analysis group MarketScout.

The insurance exchange says rate reductions are strongest in the area of service contractors, while industries like oil and gas contractors are bucking the trend.

US insurers’ overall combined ratio lifted by two percentage points last year to 94% as net earned premium rose 1% to $US427 billion ($456 billion), according to a Highline Data report.