The third quarter 2018 composite rate for personal lines in the United States held steady at an increase of 2 percent over the same period a year ago. Richard Kerr, CEO of MarketScout noted, “It appears insurers may feel 2017 was a somewhat unusual year as respects to large cat losses. While rates are still trending upwards, there is no momentum for more aggressive rate increases at this time.”
Homeowners rates for homes under $1,000,000 in value increased by 1 percent as compared to the prior quarter. Homeowners rates for homes over $1,000,000 decreased by 1 percent.
Automobile rates moderated from plus 4 percent in the second quarter to plus 3 percent in the third quarter.
Personal articles rates remained steady at 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.