Between August and September, commercial insurance rates held steady at -1% for the fourth month in a row, while the personal lines composite inched up from +1% to +2%, according to the latest MarketScout pricing survey.

By coverage class, average commercial pricing remained unchanged in all lines except property and professional liability, where it increased from -1% to flat and flat to +1%, respectively. Pricing for commercial accounts with $250,001-$1 million in premium also adjusted upward by one percentage point, from -2% in August to -1% in September.

The commercial lines market appears to be “locked” in a “standoff,” notes Richard Kerr, MarketScout CEO. “Insurers are determined to force rate increases while insureds are pitting agents and brokers against each other so they will squeeze their assigned insurers for the best pricing,” he says. “This forced competition helps buyers get the best deal the market has to offer.”

In personal lines, all homeowners insurance rates clocked in at +2% in September, increasing a percentage point from their August composite rate of +1%. Average personal auto rates also increased to +2% from +1%, while the personal articles composite stayed flat.

But the gathering storm of Hurricane Matthew could mean bigger personal lines changes are in store for October.

“Personal lines insurers are nervously watching Hurricane Matthew,” Kerr says. “The current track of the storm could impact almost all personal lines insurers from Florida to North Carolina. Rate adjustments in these coastal states are very likely if Hurricane Matthew follows the projected path.”

Jacquelyn Connelly is IA senior editor.