Personal lines insurance rates began the year 2012 up 2 percent and gradually adjusted to plus 4 percent by year-end.
December rates for the personal lines sector matched those of the preceding month at plus 4 percent.
According to Richard Kerr, CEO of MarketScout, “Sandy certainly impacted most of the large personal lines insurers; however, the underwriting profit from placements across other parts of the U.S. has helped smooth the impact of losses in the Northeast. Those insurers writing excess and/or primary flood were hit hard. We project rate increases for flood insurance at plus 15 to 20%.”
Personal articles insurance rates were up 4 percent in December as compared to up 3 percent in November.. Homeowners coverage for homes over $1,000,000 were up 4 percent in December as opposed to up 5 percent in November. Other rates remained unchanged.
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 December 2012 personal lines rates is set forth below.
|
