Personal-lines rates may be on their way down in 2014 due to a quiet hurricane season and expected strong earnings in 2013, according to MarketScout CEO Richard Kerr.
“If insurers' profits are tallied as anticipated, we expect lower rates in 2014,” Kerr says in a statement accompanying MarketScout's latest monthly Market Barometer report.
Personal-lines rates in November were up by 3% compared to the same month a year ago, unchanged from October's rate movement. Both months saw some moderation compared to September, during which rates were up by 4% compared to September 2012. Kerr said last month that homeowners and auto coverages on traditional accounts were seeing premium reductions due to little catastrophe activity.
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