In the past year and a half, there has been a turnaround in pricing for high-valued homeowners risks, as insurers readjust after several years of strong competition in this line, MarketScout CEO Richard Kerr says.
Kerr, in a statement accompanying the latest MarketScout Market Barometer covering the month of December, notes that over the last four years, competition from newer high-net-worth insurers pressured rates. But more recently, insurers have been raising rates “to more appropriately price for the broader coverage provided,” Kerr says.
Insureds have been willing to pay for the increases thus far, he points out. In December, this translated to a 5% increase in rates for homes valued over $1 million—the largest increase for any line. Rates for homes valued under $1 million and personal articles increased by 3%, while auto was up by 2%.
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