When insurance firms launched social media initiatives, the results were rewarding.
The composite rate for US personal lines policies that were placed in January 2014 was down from plus 3 percent to plus 2 percent.
Richard Kerr, CEO of MarketScout and founder of the Council for Insuring Private Clients (CIPC) noted, “Homes under $1,000,000 in value were assessed a 2 percent increase, while high value homes (those over $1,000,000) paid an additional 4 percent. Both metrics were down 1 percentage point from December 2013.”
Automobile and personal articles floaters were both at plus 2 percent, a slight reduction for personal articles and the same rate for automobile.
Kerr stated, “2013 was a good year for personal lines insurers. We expect continued aggressive pricing, but that will be geographically modified as appropriate. Coastal homeowners continue to enjoy competitive rates because of the lack of windstorm activity in 2013, despite Superstorm Sandy.”
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 2014 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.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 Dallas, California, Connecticut, Florida, Illinois, Indiana, Michigan, Nebraska, New Jersey, Texas and Washington, D.C.