February Personal Lines Rates Up 2%
Personal insurance rates across the US held stable in February at plus 2 percent.
Rates for homeowners insurance for homes under $1,000,000 value were down slightly from plus 3 percent to plus 2 percent, matching the rate increase for homeowners insurance covering homes valued over $1,000,000. Automobile rates remained at plus 2 percent. Personal articles rates were up 1 percent.
According to MarketScout CEO Richard Kerr, “We expect continued price stability in the US personal lines market. The only area where personal lines rates are changing notably is in catastrophe exposed non-admitted homeowners’ placements. In 2014, more insurers entered this space so the additional competition created some downward rate pressure. However, it appears the new entrants have utilized most of their dedicated cat capacity very early. Rates are trending higher for non-admitted cat capacity. The patient will be rewarded.”
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.
Personal Lines |
|
Homeowners under $1,000,000 value |
Up 2% |
Up 2% |
|
Automobile |
Up 2% |
Personal Articles |
Up 1% |
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News