"With hurricane season in the rear view mirror, US personal lines insurers are anticipating strong earnings for 2013,” noted Richard Kerr, CEO of MarketScout. Mr. Kerr also profiled expectations for 2014 by projecting possible rate decreases. According to Kerr, “If insurers’ profits are tallied as anticipated, we expect lower rates in 2014.”
Homeowners’ rates for dwellings under $1,000,000 in value adjusted downward with a rate increase of only plus 2 percent compared to plus 3 percent in October. However, high value homes, or those valued over $1,000,000 held steady at an increase of plus 5 percent. Automobile insurance was up slightly from plus 2 percent to plus 3 percent and personal articles held steady at plus 2 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 November 2013 personal lines rates is set forth below.
Homeowners under $1,000,000 value
Homeowners over $1,000,000 value
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.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 has offices in California, Connecticut, Florida, Illinois, Indiana, New Jersey, Texas and Washington, D.C.