US property and casualty rates fell last month after holding steady in August, amid signs insurers are becoming more aggressive, according to MarketScout.

Average rates recorded a composite 1% drop, which rates as “soft” on the analyst’s monthly market barometer.

“We expect pricing on most lines to be adjusted downward, with a few exceptions such as commercial automobile/transportation risks and accounts with poor loss experience or other underwriting concerns,” CEO Richard Kerr said.

Average property rates fell 1%, while auto increased 2%. All other lines of coverage, including workers’ compensation and general liability, remained flat.

Rates for “small” accounts worth up to $US25,000 ($34,742) and “medium” accounts up to $US250,000 ($347,423) were flat.

Rates on “jumbo “ accounts of more than $US1 million ($1.29 million) and “large” accounts of up to $US1 million fell 4%.

Personal lines rates grew 1%, with rises across all coverages. Personal articles and homeowners gained 1% and automobile increased 2%.

“It appears the US personal insurance market will enjoy another year without a major hurricane hitting the mainland,” Mr Kerr said. “As a result, rates could continue to be more and more competitive.”