The composite rate for US property and casualty business fell 4% last month as the price war among insurers intensified, according to analyst MarketScout.

Average commercial property rates declined 5% compared with a 2% drop in December.

“Commercial property insurers are getting ready to scratch each other’s eyes out as they fight for market share,” CEO Richard Kerr said.

“We see nothing to prevent commercial property rates from dropping further.”

Among other lines, professional liability dropped 4%, and umbrella/excess and workers’ compensation each slid 3%.

Business interruption, directors’ and officers’, general liability and fiduciary were down 2%, business owners’ policy, inland marine and surety eased 1%, while commercial auto, employment practices liability and crime were flat.

Personal lines fell an average of 1%. Rates for homeowners’ policies worth less than $US1 million ($1.4 million) were flat, while motor, personal articles and homeowners’ policies worth more than $US1 million fell 1%.