March Personal Lines Rate Cuts Moderate

Mar Bar PL

Homeowners’ rates flat

US personal lines insurers have stopped cutting rates; at least for the month of March.

Richard Kerr, CEO of MarketScout, profiled the change, “The composite rate index for US personal lines insurance is flat in March. This may be temporary but still gives insurers a better outlook for the future. Many feel significant rate increases are needed in portions of the US. We must remember the personal lines rate index is for policies placed across the US. Consumers in some geographic regions are facing considerable rate increases while others enjoy rate reductions. Overall, the composite rate is flat.”

Rates for homeowners’ coverage for all home values were flat in March.

Personal automobile insurance was flat in March as compared to minus 1 percent in February.

Personal articles coverage remained 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 March 2016 personal lines rates is set forth below.

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