US commercial property and casualty rates dropped 2% last month, according to analyst MarketScout.

“Insurers are hungry for premium and capital providers are searching for ways to get in on the action,” CEO Richard Kerr said.

“The obvious result is more competition, resulting in rate reductions.”

Commercial motor, crime and business owners’ policies were the only lines with an increase in rates, at 1%. All other lines were either flat or down 1-2%.

The composite rate for US personal lines remained flat.

“Personal line insurers survived another wind season relatively unscathed,” Mr Kerr said.

“Insurance professionals feel as though it has been a long, long time since any significant windstorm has hit Florida or the Gulf Coast.

“However, in terms of Mother Nature’s time clock, this is only a short blip.

“It is very possible we will not see a significant wind event for another decade. If so, prices will continue to be very competitive.”

Homeowners’ premiums for properties of all values were flat last month. Personal articles pricing was also flat, while personal motor coverage was up 1%.