Personal Lines Composite Rate Steady at Plus 1 Percent

Mar Bar PL

Homeowners rates slightly higher

US personal lines insurers continued their slow but steady pace in July 2016 with the composite rate matching that of June 2016 at plus 1 percent.

Richard Kerr, CEO of MarketScout noted, “Admitted market insurers are more aggressive when pricing cream of the crop accounts; however, they will certainly raise rates on an account with losses or poor mitigation efforts. Non-admitted insurers continue to be opportunistic but are slowing down rate reductions.”

All homes of all values were assessed at a composite rate increase of plus 2 percent.

Automobile rates were steady at plus 1 percent.

Fine art rates matched the prior month at flat or no increase.

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 July 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 2%
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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