As goes the commercial market, so goes personal lines.
|According to the August report from MarketScout, the US personallines insurance market saw slightly lower premiums last month. Asimilar trend was noted in the commercial market.
|“Personal insurance is becoming more competitive due to thelimited number of major catastrophes this year, better automationsystems and new market entrants,” explained MarketScoutCEO Richard Kerr. ”It's not surprising to see ratemoderation.”
|The composite rate ended the month at plus 2%, according to thereport.
|Other key findings included:
- Homeowners policies for those homes under $1,000,000 moderatedfrom plus 3% to plus 2%.
- For homes over $1,000,000, the rate adjustment was larger, fromplus 3% to plus 1%.
- Automobile and personal articles rates remained unchanged atplus 3% and plus 2%, respectively.
Personal Lines | |
Homeowners under $1,000,000 value | Up 2% |
Homeowners over $1,000,000 value | Up 1% |
Automobile | Up 3% |
Personal Articles | Up 2% |
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