NU Online News Service, March 13, 11:16 a.m. EDT
There has been a lot of anecdotal talk that personal lines insurance rates are on the increase, and now a longtime monitor of the commercial-lines markets has released figures giving evidence of the overall rise in the personal lines insurance space.
Dallas-based electronic insurance exchange MarketScout, which for years now has issued a monthly indicator on the commercial insurance lines market direction, today released its first personal lines rate barometer indicating U.S. personal lines insurance rates increased by 2 percent during the month of February from the same period last year.
The report says that last month:
• Homeowners insurance rates under $1 million in value for replacement costs rose 2 percent.
• Homeowners insurance rates over $1 million in value for replacement costs rose 1 percent.
• Automobile insurance rates rose 2 percent.
• Personal articles insurance (jewelry, paintings and other valuables) increased 1 percent.
Richard Kerr, founder and chief executive officer of MarketScout, says in a statement that his firm has an “exceptional amount of data” on personal lines to enable it to track data.
As it does with its commercial lines barometer, MarketScout uses its affiliation with The National Alliance for Insurance Education and Research to conduct a survey of “thousands of insurance agents, company personnel and other professionals attending continuing education and designation update institutes.”
Kerr says by combining the rate data from the exchange and the surveys from the National Alliance, “We are able to provide a unique, credible system for summarizing pricing information in the personal lines marketplace.”