Rates for US property and casualty insurance held steady last month compared with the previous year, according to analyst MarketScout.

CEO Richard Kerr says a lot of business renewed in the month, and rates are largely in a “holding pattern”.

“It seems both insureds and insurers are content to move forward with little to no changes,” he said.

The main exception is transport, where commercial motor cover drove an average 2% increase in rates.

Rates on commercial property and business owners’ policies were up 1% last month, after being flat in April.

Rates on small and medium accounts – worth up to $US250,000 ($325,350) – were up 1%, while “jumbo” accounts of more than $US1 million ($1.3 million) showed the greatest fall, down 2%.

Personal lines remained at 1% growth last month. The only change in rates was for homeowners with values below $1 million, which Mr Kerr says is not surprising.

“This is a much sought-after market, with… dozens of insurers trying to gain market share,” he said.