Larger increases in high risk areas
MarketScout’s personal lines rate tracking barometer shows a rate increase of 2 percent in May 2012 as measured for all accounts combined across he United States.
According to Richard Kerr, CEO of MarketScout, “As wind season approaches the rates in coastal areas are increasing with many admitted insurers pulling back. The actual effective rate is higher than measured on a renewal vs. expiring basis because many of the new quotes do not include as much coverage and implement higher deductibles.”
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 2012 personal lines rates is set forth below.
The barometer is compiled by MarketScout, an insurance distribution and underwriting company headquartered in Dallas. The firm owns and operates the MarketScout Exchange at www.marketscout.com as well as over 40 other online and traditional underwriting and distribution venues. In 2010, MarketScout launched MarketScout Wholesale, LLC (MSW), to complement its electronic underwriting and distribution strategy. MarketScout and MSW have offices in Arizona, Arkansas, California, Connecticut, Florida, Indiana, Illinois, Louisiana, New York, Oregon, Tennessee, Texas and Washington D.C.