Personal Lines Rates Erratic In 2016
The composite rate for personal lines insurance across the United States fluctuated throughout the year closing out the December with rates up 2 percent.
“We have been tracking personal lines rates since 2012,” noted Richard Kerr, CEO of MarketScout. “Since then insurers have been steadily increasing rates with the exception of the erratic rate direction over the last fourteen months. Generally, personal lines insurers do not adjust pricing as aggressively as their commercial brethren.”
In December, homeowners’ rates for homes valued under $1,000,000 adjusted from up 2 percent to up 3 percent. Rates for homes over $1,000,000 adjusted from up 1 percent to up 2 percent.
Automobile rates were unchanged from the previous month.
Personal articles had the largest increase from flat to up 2 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.
Composite P/C Rate Down Consistently In 2016
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