“Rates for homes are up in all locations; however, Florida and California are getting hit the hardest,” Richard Kerr, CEO of MarketScout, said in a statement. (Credit: studioarz/Shutterstock)
The composite rate for U.S. personal lines was up 3.5% in the second quarter of 2019, an increase of 2% in the first quarter, according to MarketScout. Rates in some catastrophe areas are up as much as 50%.
A summary of 2019's second quarter personal lines rates is set forth below:
Personal lines
- Homeowners under $1,000,000 value: up 3.5%
- Homeowners over $1,000,000 value: up 3.5%
- Automobile: up 3.5%
- Personal articles: up 2.5%
“Rates for homes are up in all locations; however, Florida and California are getting hit the hardest. Large admitted markets are cutting back in Florida, resulting in more business going to the more expensive non-admitted markets. In California, most insurers are running from new business and remain fearful of another torturous wildfire season,” Richard Kerr, CEO of MarketScout, said in a statement.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
