Personal-lines pricing was more competitive in February than in recent months prior, but rates were still up by 3 percent compared to the same month a year ago, according to MarketScout.
The 3-percent increase represents a slight moderation from the 4-percent year-over-year increases in the past three months. MarketScout says Florida, Mississippi, New Jersey, New York and Texas led the way for rate hikes for the month.
MarketScout CEO Richard Kerr indicated that the moderation for February was to be expected, given the time of year. “The personal-lines market adjusted in February with insurers offering slightly more competitive premiums,” he says. “This isn't unusual since we are out of the catastrophe season for most parts of the U.S., except for winter storms of course.”
Coverage for homes valued over $1 million showed the steepest increases in February, with rates up by 4 percent. Kerr notes, “Homeowners insurance for the 'Private Client' sector traditionally garners a higher rate than traditional homeowners because specialty high-net-worth agents representing Private Clients require broader coverage and more insurer services, all of which are expensive to offer.”
Homes under $1 million, auto and personal articles were all up by 3 percent.
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