Filed Under:Markets, Personal Lines

March Personal Lines Rates up 4%, Says MarketScout

Personal-lines insurance rates are up 4 percent in March as catastrophe modeling adjustments are having an effect on homeowners premiums, says MarketScout.

The Dallas-based electronic insurance exchange’s monthly market barometer indicates insurance rates on homes valued under $1 million went up 4 percent in March, compared to the same month a year ago. Home valued at more than $1 million saw rates go up 5 percent.

MarketScout CEO Richard Kerr says “some underwriting companies feel the modeling is questionable,” but a trend has surfaced as modelers, as Kerr puts it, “widen the areas that may be impacted by huge storms.”

Home in not-catastrophe-prone areas might even see slight rate decreases at renewal but homes on the coast or those prone to earthquakes, hail and tornadoes “will pay more,” Kerr observes.

Rates for auto insurance were up 2 percent in March, compared to March 2012.

Kerr says lower premiums in this line are driven by the fact so many insurers are competing for mono-line auto.

RELATED CONTENT:

RMS Announces Another Update to North Atlantic Hurricane Model

The Thrill is Gone?; Rates for Large Commercial Accounts Jump In March

 

Featured Video

Most Recent Videos

Video Library ››

Top Story

Future is bright for renewable energy market

A buyers’ market for coverage and strong growth in renewable energy, particularly in solar and wind power, provides opportunity for agents and brokers looking to grow their book.

Top Story

7 steps for keeping business after your contact leaves

No matter how well your producers get along with their customers, there are no guarantees that the customers will renew each year.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.