Personal Lines Pricing Up 2.5% In 2Q
US Personal Lines Pricing Up 2.5% in Second Quarter 2018
Auto Rates Continue to Increase Personal automobile insurance is expensive and will continue to be so for the foreseeable future. Auto rates in the second quarter of 2018 held steady at plus 4 percent, matching the rate increases of the first quarter 2018. Richard Kerr, CEO of MarketScout profiled the personal auto market, “Personal insurance rates for personal and commercial automobile are trending in the same direction. Underwriting results for personal auto are not much different than commercial; however, because there is so much more capacity for personal auto, the rate increases are not as severe.” In the second quarter 2018, homes under $1,000,000 coverage A values were up 2 percent while homes over $1,000,000 coverage A values were up 3 percent. Personal articles rates were down slightly from the first quarter to the second quarter of 2018. 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. A summary of the second quarter 2018 personal lines rates is set forth below. |
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