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

Average commercial rates for large ($250,001-$1 million) and jumbo accounts (more than $1 million) decreased a percentage point in February, to -5% and -4%, respectively. Rates for business interruption, inland marine and commercial auto also all declined 1-2% between January and February. By coverage class, all other commercial pricing held steady.

Similarly, the only industry class to register much change was manufacturing, where pricing slipped to -5% in February from -2% in January. Otherwise, “there was little movement in rates in most sectors,” says Richard Kerr, MarketScout CEO. “Traditionally, February has always been a slow insurance month, so the lack of activity in rates is not surprising.”

Meanwhile, MarketScout reports no rate changes in the personal lines market—partly attributed to large admitted market personal lines insurers taking what Kerr calls “a very structured approach” to pricing.

“It seems they are not chasing premium like some of the aggressive non-admitted insurers,” Kerr explains. “The composite rate is only down 1% because admitted market insurers write such a large volume. However, keep in mind there are some non-admitted insurers quoting prices 10-15% percent lower, but they don’t make much of an impact because of their small volume.”

Jacquelyn Connelly is IA senior editor.