US business insurance rate movement held steady at minus 1% last month, while personal lines insurance rates were up 2%, according to analyst MarketScout.

CEO Richard Kerr says personal lines insurers are nervously watching for Hurricane Matthew’s impact across regions from Florida to North Carolina. “Rate adjustments in these coastal states are very likely if Hurricane Matthew follows the projected path,” he said.

Mr Kerr labels the business insurance market a “stand-off”, with insurers “determined to force rate increases, while insureds are pitting agents and brokers against each other so they will squeeze their assigned insurers for the best pricing”.

Commercial property rates were flat last month, improving from minus 1% in August, while professional liability rates improved to plus 1% from flat.

Automobile rates changed to plus 2% last month from plus 1% in August.

Inland marine was down 1% and general liability remained flat last month. Umbrella/excess was down 1%, commercial auto up 3%, workers’ compensation down 1%, professional liability up 1% and directors’ and officers’ liability flat.

Small, medium and large accounts were all down 1%, while “jumbo” accounts were down 2%.