US property and liability insurance prices will rise next year, according to an American industry survey.

The survey, by the Insurance Information Institute (III), suggested premiums will continue to rise until insurers cut their losses.

According to Wall Street analysts, property and liability insurance premiums in the US will increase by 12.3% next year, compared with a 13.6% increase this year.

Following several years of prices hikes, insurers usually make up the difference with investment returns. The III survey now indicates that insurers are taking a closer look at their core underwriting business.

However, the survey showed that insurance for businesses is cheaper than several years ago. The survey showed commercial insurance accounted for 1.8% of US GDP this year, the same level as 1995.

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