The composite rate for personal lines insurance is up 1 percent in October as compared to an increase of 2 percent in September.
Richard Kerr, CEO of MarketScout noted, “Hurricane season is over. Hurricane Matthew was a scare but the net effect to insurers was minimal. With another year of relatively benign wind events, insurers are quoting more competitive rates.”
Homeowners rates for homes of all values adjusted in October to plus 1 percent from plus 2 percent in September.
Automobile insurance rates remained steady at plus 2 percent.
Personal articles rates increased from flat to plus 1 percent.
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.