Personal Lines Rates Moderate
In August, the US personal lines insurance market assessed slightly lower premiums. Richard Kerr, CEO of MarketScout noted, “Personal insurance is becoming more competitive due to the limited number of major catastrophes this year, better automation systems and new market entrants. It’s not surprising to see rate moderation.”
Homeowners policies for those homes under $1,000,000 moderated from plus 3 percent to plus 2 percent. For homes over $1,000,000, the rate adjustment was larger, from plus 3 percent to plus 1 percent.
Automobile and personal articles rates remained unchanged at plus 3 percent and plus two percent respectively.
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.
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