Two pieces of news provide a flicker of hope amid the doom and gloom.
January Personal Lines Rates Up 4%
Rates for High Value Homes Lead Rate Increases
MarketScout has calculated the January 2013 rate index for personal lines insurance in the United States. On a composite basis, rates are up 4 percent as compared to the same time period a year earlier.
Richard Kerr, CEO of MarketScout commented on the rate index, “Admitted personal lines insurers continue to take slight rate increases across the board. For those accounts which must secure terms from the non-admitted market rate increases are as much as 10 percent in many instances.”
The base rate for homes valued over $1,000,000 was up the most at plus 4 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 January 2013 personal lines rates is set forth below.
Homeowners under $1,000,000 value Up 3%
Homeowners over $1,000,000 value Up 4%
Automobile Up 4%
Personal Articles Up 5%
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.comas 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 and its related companies has offices in Arizona, Arkansas, California, Connecticut, Florida, Indiana, Illinois, Louisiana, New York, Oregon, Tennessee, Texas and Washington, D.C.