Between July and August, commercial and personal lines insurance rates held steady for the third month in a row, according to the latest MarketScout pricing survey.

The composite commercial lines rate is still -1%, while average personal lines pricing continues to clock in at +1%.

By coverage class, commercial rates got more competitive in property, workers comp and professional liability, where average pricing moderated a percentage point to -1%, -1% and flat, respectively. Composite commercial auto rates, meanwhile, increased from +2% in July to +3% in August.

Despite month-to-month stability in the overall commercial market, Richard Kerr, MarketScout CEO, points out “clear movement” in commercial auto and transportation accounts, “with each showing a year-over-year increase of 3%,” he says. “Insurers have decided it is time for commercial auto and transportation accounts to start paying up.”

With the exception of rates for homes valued less than $1 million, which moderated slightly from +2% in July to +1% in August, average pricing for personal lines accounts of all types held steady last month: +1% for homes valued more than $1 million, +1% for auto and flat for personal articles.

But moving forward, nothing is certain. “We are in the midst of wind season,” Kerr says. “The impact of recent storms and those still to occur will certainly influence future pricing in wind-exposed geographic locations.” 

Jacquelyn Connelly is IA senior editor.