Average commercial and personal lines rates held steady at -4% and -1% in January, respectively, according to the latest MarketScout pricing survey.

Pricing for business interruption, BOPs, professional liability and D&O all declined 1-2%. Umbrellas and workers comp rates were the only coverage classes to firm slightly in January. Average rates for commercial accounts valued less than $250,000 moderated a percentage point; pricing for larger accounts actually increased by the same amount.

Commercial property displayed the most dramatic change: Average rates dropped to -5% in January from -2% in December. “Commercial property insurers are getting ready to scratch each other’s eyes out as they fight for market share,” says Richard Kerr, MarketScout CEO. “We see nothing to prevent commercial property rates from dropping further.”

In personal lines, pricing for homes valued less than $1 million stayed flat, and average personal articles rates also held steady at -1%. Meanwhile, pricing for homes valued more than $1 million increased slightly, to -1% in January from -2% in December. Auto rates slipped to -1% in January from flat in December.

“All is steady in the personal lines market,” Kerr says. “Rates continue to fall at an even pace. We expect an ongoing competitive market.”

Jacquelyn Connelly is IA senior editor.