Personal Lines Rates Down 1 Percent

Mar Bar PL

2016 year begins with continued rate decreases

Personal lines insurers are maintaining an even pace for pricing with a slight decrease in rates from the same time last year. According to Richard Kerr, CEO of MarketScout, “All is steady in the personal lines market. Rates continue to fall at an even pace. We expect an ongoing competitive market.”

Homeowners’ rates were flat for homes under $1,000,000 in coverage A value. For homes over $1,000,000, rates were down 1 percent in January 2016 versus down 2 percent in December 2015.

Automobile rates were down 1 percent, which is slightly more competitive than the flat rate in December 2015. Personal articles rates were steady at down 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.

A summary of the January 2016 personal lines rates is set forth below.

Personal Lines
Homeowners under $1,000,000 value
Flat
Homeowners over $1,000,000 value
Down 1%
Automobile
Down 1%
Personal Articles
Down 1%

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About MarketScout

MarketScout is a national MGA and wholesale broker specializing in assisting agents in placing high net worth personal lines business. The firm operates the MarketScout Exchange at marketscout.com as well as over 40 other online and traditional underwriting and distribution venues. MarketScout is the founder of the Council for Insuring Private Clients (CIPC). The CIPC's mission is to provide a venue where agents and insurers may collaborate on how to better serve their private clients. MarketScout has offices in California, Connecticut, Florida, Illinois, Indiana, Michigan, Nebraska, New Jersey, Tennessee, Texas, Rhode Island, and Washington, D.C.

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