Over and over again, one word prevails in discussions about rate increases in 2013: modest.

Throughout 2012, P&C carriers benefitted from low- to mid-single-digit price increases in all commercial and personal lines—and it appears as though that trend will carry over into the new year.

“We expect the 2013 operating environment for P&C insurers to be pretty much the same as what we’ve seen in 2012: modest rate increases,” say insurance-industry analysts at Keefe, Bruyette & Woods.

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