“Flat” is the word from US electronic insurance exchange MarketScout following the release of October results calculated on the composite rates for the US property and casualty sector.

Commercial line premium rates were flat for the second consecutive month; general liability was flat, as was commercial auto, professional liability, fiduciary and business interruption lines.

Only umbrella and excess insurance was down for the month, with commercial property and workers’ compensation up 2%.

Premiums for manufacturing and service industries were also flat. The largest rise was in transportation (up 3%) and energy (up 2%). Only public entities accounts showed a decrease (1%).

Small accounts (to $US25,000) and medium accounts ($US25,000-$US250,000) were up 2% and 1% respectively, with large ($US250,000-$US1 million) and “jumbo” accounts (above $US1 million) flat for the month.

The September results were similar, according to MarketScout. This indicates that the soft market is over and rate increases are likely in the future.