Personal Lines Rates Decline Slightly In 3Q
The composite rate for personal lines in the US measured plus 2 percent in the third quarter 2017.
Richard Kerr, CEO of MarketScout noted, “The impact of the recent hurricanes has not been reflected in the third quarter rates. We expect fourth quarter 2017 rates will move based upon the ultimate insured losses, which are still largely unknown. We are closely monitoring the losses in the Caribbean and Puerto Rico. The ultimate total insured loss will impact rates in the mainland US. Caribbean and Puerto Rican insurers are different from those on the mainland US; however, the reinsurance markets are often the same.”
Homeowners insurance pricing was unchanged at plus 2 percent from the second to the third quarter 2017 for all homes with coverage A value in excess of $1,000,000. For smaller homes, the rates adjusted from plus 2 percent to plus 3 percent.
Auto insurance rates dropped from an increase of 4 percent to an increase of 2 percent.
Personal articles rates remained unchanged 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.
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