Personal Lines Rates Moderate in July
U.S. Homes, Autos and Fine Arts Up 3%
All is relatively quiet on the personal lines front as insurers slightly reduce rate increases to plus 3 percent for July 2013 as compared to plus 4 percent for June 2013.
Richard Kerr, CEO of MarketScout, and Founder of the Council for Insuring Private Clients (CIPC) noted, “Generally speaking, personal lines insurers are having a pretty good 2013. Of course, we have the wind season upon us, followed by possible brush fires in the West or even an earthquake at any time so the possibility of catastrophic events still looms on the horizon. However, if there are no huge storms or brush fires by late October, this could end up a good year for the personal lines insurance industry. If so, rates will adjust downward a bit.”
In July high value homeowners (over $1mm), auto and personal articles policy rates moderated by 1 percent. Rates for homes under $1mm remained the same as the prior month.
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 July 2013 personal lines rates is set forth below.
MarketScout is a national MGA and wholesale broker specializing in assisting agents in placing high net worth personal lines business. The firm operates the MarketScout Exchange at 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, California, Connecticut, Florida, Illinois, Indiana, New Jersey, Texas and Washington, D.C.
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