“In aggregate, net written premiums were up against the prior-year level, with companies generally reporting rate increases in personal lines, and increased exposures and flat to modestly rising renewal rates in commercial lines,” says Enrico Leo, assistant vice president and author of the report, in a statement. “Nevertheless, competition for new business remains intense.”

Although renewal rates are up for some commercial insurers, absent a large industry event, pricing for commercial and specialty casualty insurance will improve only gradually, says Moody's.

The rating service notes that renewal rates were flat to slightly up and retentions remained strong “for the majority of companies.” The specialty markets are still competing with standard line carriers entering their market, but “there is some evidence of moderation” of rates in this segment.

The only place where rates are expected to increase noticeably is catastrophe-exposed property coverage, the report says.

The report says net written premiums for the group of 23 rated insurers rose 7 percent to more that $44 billion. However, net income for the group dropped 84 percent to $550 over last year.

The insurers included ACE, Allstate, Chartis, Chubb, Progressive, Travelers and W.R. Berkley.

Thirteen of the 23 companies reported second quarter combined ratios above 100 and the rest were above 90.

The exceptions were HCC Insurance Holdings at 89.2; Proassurance Corp. at 71, and RLI Corp. at 89.

Twenty-two of the 23 reported increases in their combined ratio over the second quarter last year except Proassurance, a writer of medical professional liability insurance, whose combined ratio dropped 8.1 points.