Personal Insurance Rates Steady In March
The composite rate for personal insurance products purchased in the US was up 2 percent in the first quarter of 2015. The March rates matched January and February with each month holding steady at plus 2 percent.
By lines of coverage, insureds purchasing homeowners coverage paid an average of 2 percent more in March 2015 as compared to March 2014. Automobile owners also paid an average additional 2 percent of premium. Buyers of personal articles floaters paid a premium that averaged 1 percent higher than at the same time last year.
According to Richard Kerr, CEO of MarketScout, “Personal insurers are holding their ground for now and avoiding unfounded rate reductions. Of course, the pricing environment changes location by location but overall, the rate increases are sticking.”
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.
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News