Composite Rate for US Personal lines Holds Steady in June

Mar Bar PL

Average rate up 1% across US

The composite rate for personal lines insurance placed across the United States held steady at plus 1 percent, making June the third consecutive month with a rate increase.

“Homeowners coverage for homes valued at under $1,000,000 were assessed an average rate increase of 2 percent,” noted Richard Kerr, CEO of MarketScout. “Homes over $1,000,000 and all automobile rates remained at plus 1 percent in June. Personal articles rates were slightly more competitive than in June at flat or no rate increase as compared to up 1 percent in May.”

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 June 2016 personal lines rates is set forth below.

Personal Lines
Homeowners under $1,000,000 value
Up 2%
Homeowners over $1,000,000 value
Up 1%
Automobile
Up 1%
Personal Articles
Flat

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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, Georgia, Illinois, Indiana, Nebraska, Nevada, Pennsylvania, Rhode Island, South Carolina, Texas and Washington, D.C.

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