U.S. commercial insurance rates are expected to climb across many lines of business in 2012, according to an analysis released Wednesday by Marsh & McLennan Cos. Inc.'s Marsh Inc. unit.

That continues a trend that began in the second half of 2011, according to New York-based Marsh's “Navigating the Risk and Insurance Landscape: U.S. Insurance Market Report 2012.”

The report notes that the global property/casualty insurance industry sustained more than $105 billion in insured catastrophe losses last year.

While the losses had a “minimal” impact on the industry's capital position, the losses hit earnings. “Insurers are expected to exercise increased discipline in underwriting going forward as the slow economic recovery and low interest rates affect profitability,” Marsh said in the report.

“Carriers are expected to be extremely disciplined in their underwriting and seek rate increases where they can,” David Bidmead, Marsh U.S. CEO, said in a statement accompanying release of the report. “Those insureds that are able to provide carriers with complete, accurate and quality data will be best positioned to navigate a changing insurance market and effectively differentiate themselves from others seeking critical capacity for catastrophe risks."

In his introduction to the report, Mr. Bidmead wrote that many insurers are saying publicly that they will hold the line on rates, and are “showing more willingness to lose a particular account rather than risk underpricing.”

He said segments that were hit the hardest by the 2011 catastrophes are likely to experience rate increases.

During a Marsh webcast, senior-level executives said the insurance market is in “transition.”

In 2011, “conditions changed quite drastically” as natural catastrophe losses reached an “historic number,” Mr. Bidmead during the webcast, which was moderated by Brian Elowe, managing director in Marsh's global risk management division.

Drivers of a potential insurance market transition include industry and product line loss expectations, new versions of natural catastrophe models, and regulatory and rating agency actions, among others, Mr. Bidmead said.

For risk managers purchasing various lines of insurance, “supplying comprehensive, up-to-date data” to insurers, along with renewing insurance programs early, are some strategies to cope with a market in transition this year, Mr. Bidmead said.