Personal Insurance Rates Increase 3%
Personal insurance in the US was slightly more expensive in March than in February. Rates were up from plus 2 percent to plus 3 percent. Richard Kerr, CEO of MarketScout, presented a summary of the personal insurance pricing environment: “When measuring premiums from March 2012 to March 2014, rates were up 9 percent in the aggregate. So, a homeowner paying $10,000 before renewing in March 2012 would be paying $10,926 after renewing their policy in March 2014.” Kerr added, “We are seeing the premium increases moderate and expect that trend to continue unless insurers are hit with a large catastrophic weather events later in the year.” Homeowners insurance premiums for homes under $1,000,000 in value were up from plus 2 percent in February to plus 3 percent in March. Automobile insurance was also up from plus 2 percent in February to plus 3 percent in March 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 March 2014 personal lines rates is set forth below. |
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About MarketScout 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. |
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