Personal-lines pricing was more competitive in February than inrecent months prior, but rates were still up by 3 percent comparedto the same month a year ago, according to MarketScout.
|The 3-percent increase represents a slight moderation from the4-percent year-over-year increases in the past three months.MarketScout says Florida, Mississippi, New Jersey, New York andTexas led the way for rate hikes for the month.
|MarketScout CEO Richard Kerr indicated that the moderation forFebruary was to be expected, given the time of year. “Thepersonal-lines market adjusted in February with insurers offeringslightly more competitive premiums,” he says. “This isn't unusualsince we are out of the catastrophe season for most parts of theU.S., except for winter storms of course.”
|Coverage for homes valued over $1 million showed the steepestincreases in February, with rates up by 4 percent. Kerr notes,“Homeowners insurance for the 'Private Client' sector traditionallygarners a higher rate than traditional homeowners because specialtyhigh-net-worth agents representing Private Clients require broadercoverage and more insurer services, all of which are expensive tooffer.”
|Homes under $1 million, auto and personal articles were all upby 3 percent.
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