Personal-lines rates increased by 4 percent in January comparedto the same month a year ago, according to MarketScout, continuinga trend of modest hikes for the sector.
|Richard Kerr, CEO of MarketScout, says, “Admitted personal-linesinsurers continue to take slight rate increases across theboard.”
|He adds that excess and surplus lines insurers are achievingeven higher rate hikes. “For those accounts which must secure termsfrom the non-admitted market, rate increases are as much as 10percent in many instances,” Kerr says.
|Within the personal-lines sector, personal articles saw thehighest average increase, at 5 percent. Rates for auto insuranceand homeowners coverage for houses over $1 million in valueincreased by 4 percent, while homes under $1 million were up by 3percent.
|January's 4 percent year-over-year increase mirrors 4 percentaverage personal-lines rate increases in December and November.October 2012 saw a 3 percent increase compared to October 2011.
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