Filed Under:Markets, Personal Lines

Personal-Lines Rates Up Again by 4% in January

Personal-lines rates increased by 4 percent in January compared to the same month a year ago, according to MarketScout, continuing a trend of modest hikes for the sector.

Richard Kerr, CEO of MarketScout, says, “Admitted personal-lines insurers continue to take slight rate increases across the board.” 

He adds that excess and surplus lines insurers are achieving even higher rate hikes. “For those accounts which must secure terms from the non-admitted market, rate increases are as much as 10 percent in many instances,” Kerr says.

Within the personal-lines sector, personal articles saw the highest average increase, at 5 percent. Rates for auto insurance and homeowners coverage for houses over $1 million in value increased by 4 percent, while homes under $1 million were up by 3 percent.

January’s 4 percent year-over-year increase mirrors 4 percent average personal-lines rate increases in December and November. October 2012 saw a 3 percent increase compared to October 2011.

Top Story

Attention! Here's why millennials matter to agents and brokers

Millennials bring $1.68 trillion in purchasing power--are you doing all you can to reach them?

Top Story

The great website 'swindle': Are agency portals really worth the investment?

The average agent has limited time and marketing resources to develop a lead-generating website. Turns out, they may not even be worth the effort anyway.

More Resources

Comments

eNewsletter Sign Up

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Mobile Phone
         
Close

Advertisement. Closing in 15 seconds.