Commercial insurance rates moderated from 1.5% to 1% in October while the composite rate for personal lines pricing declined from 4% to 3%, according to the latest MarketScout pricing survey.

By account size, only pricing for small commercial accounts changed, decreasing from 3% to 2%. Rates for all other account sizes held steady between September and October. By industry class, manufacturing and energy risks increased from 1% to 2% while contracting, service and transportation all declined 1%.

“As expected, the U.S. composite commercial rate continues its slow slide,” says Richard Kerr, CEO of MarketScout. “We are almost completely past hurricane season, so we expect continued pressure on property rates.”

By coverage class, all commercial rates held steady from September with the exception of commercial auto and professional liability, both up 1%, and property and workers comp, both down 1%. “Workers compensation rates are also down from last month,” Kerr says. “However, a few large insurers could be facing some challenges on their comp book. If so, this could moderate the slide in workers comp premiums."

For personal lines, homeowners pricing registered at 3% regardless of home value. Auto rates held steady at 2%, as did personal articles at 1%.

“Personal lines insurers are going to have a good 2014, despite a large number of micro storms, which resulted in notable claims activities,” Kerr says. “Rates should remain stable and actually adjust downward a bit more by year end.”

Jacquelyn Connelly is IA senior editor.