In February 2013 the composite rate index for personal lines insurance in the United States measured plus 3 percent as compared to the same time period one year earlier.
MarketScout CEO, Richard Kerr outlined the latest results by noting, “The personal lines market adjusted in February with insurers offering slightly more competitive premiums. This isn’t unusual since we are out of the catastrophe season for most parts of the U.S., except for winter storms of course.”
Traditional homeowners, personal articles, and automobile coverages were up 3 percent. High value homes (those over $1,000,000 in value) were up 4 percent. According to Kerr, “Homeowners insurance for the ‘Private Client’ sector traditionally garners a higher rate than traditional homeowners because specialty high-net-worth agents representing Private Clients require broader coverage and more insurer services, all of which are expensive to offer.”
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 2013 personal lines rates is set forth below.
Homeowners under $1,000,000 value
Homeowners over $1,000,000 value
MarketScout is a national MGA and wholesaler 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.