The composite rate for US property and casualty insurance was flat last month compared with the corresponding period last year, according to analyst MarketScout.

This is down from a 1% increase reported in February.

“March is an important month,” CEO Richard Kerr said. “There is a considerable volume of US business placed with both the US and international insurers.

“While a small change from February, the downward adjustment in rates may be an indicator of what is to come for the next six months.”

In personal lines, rate rises held steady at 2%.

Mr Kerr says personal insurers are holding their ground and avoiding unfounded rate reductions. “Of course, the pricing environment changes location by location, but overall the rate increases are sticking.”