The composite rate for U.S. personal lines was up 3% for October, according to the MarketScout insurance exchange.
Homeowners insurance in the U.S. increased an aggregate of 3% in October 2014, regardless of home value, MarketScout found. Automobile rates were the same as September, at plus 2%, and personal article rates matched the plus 1% from September.
“Personal lines insurers are going to have a good 2014, despite a large number of micro storms, which resulted in notable claims activities,” said Richard Kerr, MarketScout CEO, in a statement announcing the findings. “Rates should remain stable and actually adjust downward a bit more by year end.”
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
