Average rates for US property and casualty insurance were flat last month as underwriters refrained from engaging in a price war, according to analyst MarketScout.

“We are in the insurance doldrums,” CEO Richard Kerr said.

“The absence of rate movement could be yet another signal that insurers simply are not going to participate in a price-slashing war, as was done in previous market cycles.

“Low interest rates and better underwriting tools are making insurers cautious.”

Rates on commercial property were up 1%, business interruption was down 1% and business owners’ policies were down 1%.

Rates on small accounts – worth up to $US25,000 ($33,525) – were up 2%, medium accounts worth up to $US250,000 ($335,256) were up 1% and “jumbo” accounts of more than $US1 million ($1.34 million) were down 2%.

The composite rate for personal lines grew 1% last month.