Personal Lines Rates Increase 3% In April

May 06, 2013

After compiling data assimilated on MarketScout’s personal lines insurance exchange and completing in person agent and company surveys, MarketScout announced that the U.S. composite rate index was up 3 percent in April, as compared to the March rate increase of 4 percent.

Richard Kerr, CEO of MarketScout noted, “April traditionally is a good month for personal lines insurers because the spring storms have not yet hit, thereby avoiding tornado and hail claims, and flooding usually occurs a bit later in the year. Normally there are no hurricanes or brush fires; however, there was a small brush fire underway a few days ago which has since diminished. So, absent an earthquake, April is typically a pretty good month. Perhaps the psychology of lower filed claims and the time passing since Super Storm Sandy had some impact on insurers pricing.”

Homeowners rates for homes under $1,000,000 were up 3 percent while homes over $1,000,000 experienced a rate increase of plus 4 percent. Personal auto insurance rates measured plus 3 percent and personal articles (wine collections, jewelry and art) paid 3 percent more than last year.

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 April 2013 personal lines rates is set forth below.

Personal Lines

Homeowners under $1,000,000 value

Up 3%

Homeowners over $1,000,000 value

Up 4%

Automobile

Up 3%

Personal Articles

Up 3%

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 www.marketscout.comas 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 and its related companies has offices in Arizona, Arkansas, California, Connecticut, Florida, Indiana, Illinois, Louisiana, New York, Oregon, Tennessee, Texas and Washington, D.C.


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