US Composite Rate for Personal Lines Down 1 Percent

Mar Bar PL

Steady market reflects little movement

The cautious approach of US personal lines insurers continued in February 2016 with rates down 1 percent, the same decrease as in January 2016.

MarketScout CEO, Richard Kerr, noted, “The large admitted market personal lines insurers are taking a very structured approach to pricing. It seems they are not chasing premium like some of the aggressive non-admitted insurers. The composite rate is only down 1 percent because admitted market insurers write such a large volume. However, keep in mind there are some non-admitted insurers quoting prices 10 to 15 percent lower but they don’t make much of an impact because of their small volume.”

All lines of coverage for personal lines matched the same composite rate in February 2016 as was posted in January 2016.

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 February 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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