Rate rises on US commercial and personal lines held steady last month as wildfire and flood claims made little impact on the market, according to insurance exchange MarketScout.

Commercial renewals in US property and casualty were at 4%, matching the index for July, while the personal lines composite rate remained at 3%.

“With no wind, no quake and no big cat exposures looming, insurers are happy to sit tight and hold the status quo,” MarketScout CEO Richard Kerr said.

“August is often a slow month, with few significant renewals, so it is not unusual to see a static market.”

In the commercial sector, business owners’ policy rate growth increased to 5% from 4% in July, while general liability increased to 6% from 5%. Inland marine commercial auto, directors’ and officers’ cover and surety all moderated from July.

Many Americans took holidays last month, affecting the pace of policy renewals, according to MarketScout.

“Much like the stock market, there normally isn’t a lot of volume or movement in the personal lines market in August.” Mr Kerr said.

Homes worth less than $US1 million ($1.09 million) received a 4% rate increase and homes valued at more than $US1 million had a rise of 3%. Automobile rate gains were steady at 3%.