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Personal lines insurers held pricing steady at plus 2 percent for February 2014.
Richard Kerr, CEO of MarketScout profiled the personal lines market by noting, “Winter storms created some losses but none significant enough to move the market. There will be spring storms but the hurricane season remains the real market mover for personal lines insurers. So, for the next several months, we expect steady results and no significant rate movement.”
The only rate adjustment as compared to the prior month was for high valued homeowners’ policies. Homes valued over $1,000,000 were plus 3 percent in February as compared to plus 4 percent in January.
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 February 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.