U.S. Personal Lines Rates Rise in May


Price Increases Assessed on Most Homeowners and Auto Accounts


After analyzing the data for all types of personal lines insurance placements, MarketScout reports a slight premium increase in the composite rate for U.S. personal lines business. The composite rate is up from plus 3 percent in April to plus 4 percent in May 2013.

Richard Kerr, CEO of MarketScout, noted, "Regardless of the value of your home, most insureds had premium increases for renewals in May. Perhaps the numerous tornadoes or the pending hurricane season had an impact on pricing. We feel the increases are driven more by underwriter's sentiment than actuarial projections."

Homes of all values were assessed a 4 percent rate increase. Automobile rates also increased, from plus 3 percent in April to plus 4 percent in May 2013. Personal articles premiums remained the same at plus 3 percent.

The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States.

A summary of the May 2013 personal lines rates is set forth below.

Personal Lines

Homeowners under $1,000,000 value

Up 4%

Homeowners over $1,000,000 value

Up 4%

Automobile

Up 4%

Personal Articles

Up 3%



Click to enlarge
Click image to enlarge

 

About MarketScout
MarketScout is a national MGA and wholesaler broker specializing in assisting agents in placing high net worth personal lines business. The firm operates the MarketScout Exchange at www.marketscout.com as well as over 40 other online and traditional underwriting and distribution venues. MarketScout is the founder of the Council for Insuring Private Clients (CIPC). The CIPC's mission is to provide a venue where agents and insurers may collaborate on how to better serve their private clients. MarketScout has offices in Arkansas, Arizona, California, Connecticut, Florida, Illinois, Indiana, Louisiana, Maryland, Mississippi, Oregon, Texas and Washington, D.C.

 

 






Home | Register | Search | My Account | Contact Us | Login | New Users | About Us | FAQs | Press & News | CICs & CISRs | Help | Site Map
© 1999-2014 MarketScout. World rights reserved. No part of this content can be copied, distributed, or used in any manner without written permission from MarketScout. Terms of Usage and Privacy Policy.