Composite Personal Lines Rate Up 1% In August

The composite rate for personal lines business placed in the US was plus 1 percent in August 2016, the same as for July 2016.

MarketScout’s CEO, Richard Kerr, noted, “We are in the midst of wind season so the impact of   recent storms, and those still to occur will certainly influence future pricing in wind exposed geographic locations.”

Homeowners’ policies with coverage A values under $1,000,000 in value experienced a 1 percent rate increase in August 2016, slightly lower than the plus 2 percent in July 2016.

Automobile rates remained unchanged from July 2016 to August 2016 at plus 1 percent.

Personal articles were flat.

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.