The overall composite premium rate for US property and casualty (P&C) insurance remained down 4% in February, a month typically marked by slow activity, according to analyst MarketScout.

“There was little movement in rates in most sectors,” CEO Richard Kerr said.

“Traditionally, February has always been a slow insurance month, so the lack of activity in rates is not surprising.”

Rates fell in most lines, with commercial property registering the biggest decline at 5%.

Business interruption, inland marine and umbrella/excess fell 3% each, while general liability, fiduciary and directors’ and officers’ declined 2% each.

Personal rates fell 1%, the same as in January.

“The large admitted-market personal lines insurers are taking a very structured approach to pricing,” Mr Kerr said.

“It seems they are not chasing premium like some of the aggressive non-admitted insurers.”

Rates for homeowners’ policies worth below $US1 million ($1.3 million) were flat, while motor, personal articles and homeowners’ policies worth more than $US1 million fell 1%.