Growth in US personal lines rates remained steady last month at 1%, while the decline in commercial rates moderated “ever so slightly”, according to insurance analyst MarketScout.

Growth in rates for homes valued below $US1 million ($1.33 million) increased from 1% to 2%. “There is incredible competition in the traditional homeowners sector, so the rate increase was unexpected,” MarketScout CEO Richard Kerr said.

Rates for homes worth more than $US1 million ($1.33 million) remained unchanged at 1% growth, and motor rates were steady at plus 2%. Personal articles rates fell to flat.

US commercial insurance rates moved from minus 2% in October to minus 1% last month.

Commercial motor improved from 2% growth to 3%, with Mr Kerr noting underwriters have “long struggled” with the unpredictability of transportation insurance.

He says many insurers take the business solely to capture related casualty lines such as workers’ compensation, general liability and excess.

Commercial property moved from minus 2% to minus 3%, and directors’ and officers’ moved from flat to be up 1%.

Manufacturing rates were flat last month compared with minus 1% in October, and contracting, servicing, energy and habitational was down 1%. Public entity remained flat while transportation was up 3%.