According to the MarketScout insurance exchange, the U.S. composite rate for all property and casualty lines across all states was flat in March after a slight increase of 1% in Feburary 2015. Personal insurance rates held steady at plus 2%.
A softening market
By coverage classification, general liability and umbrella/excess liability were down from up 1% in February to flat or 0% in March. Commercial auto, professional liability, and EPLI were also down 1% in February as compared to March.
Industry classifications all remained the same as in February, except for contracting and transportation, which were up 1% in March as compared to up 2% in February. Habitational—coverage for owners of condos, apartment buildings and other multi-unit dwellings—was flat or up 0% in March as compared to up 1% in February.
According to Richard Kerr, CEO of MarketScout, the downward adjustment in rates may be an indicator of what's to come for the next six months.
Here are the March 2015 composite raw numbers from MarketScout:
| By Coverage Class | |
| Commercial Property | Up 1% |
| Business Interruption | Up 0% |
| BOP | Up 1% |
| Inland Marine | Up 0% |
| General Liability | Up 0% |
| Umbrella/Excess | Up 0% |
| Commercial Auto | Up 1% |
| Workers’ Compensation | Up 0% |
| Professional Liability | Up 1% |
| D&O Liability | Up 1% |
| EPLI | Up 1% |
| Fiduciary | Up 0% |
| Crime | Up 0% |
| Surety | Up 0% |
| By Account Size | |
| Small Accounts | Up 1% |
| Up to $25,000 | |
|
| |
| Medium Accounts | Up 1% |
| $25,001 – $250,000 | |
|
| |
| Large Accounts | Up 0% |
| $250,001 – $1 million | |
|
| |
| Jumbo Accounts | Up 0% |
| Over $1 million | |
| By Industry Class | |
| Manufacturing | Up 0% |
| Contracting | Up 1% |
| Service | Up 1% |
| Habitational | Up 0% |
| Public Entity | Up 1% |
| Transportation | Up 1% |
| Energy | Up 0% |
Keep reading to learn more about the rates in the U.S. personal lines market.
(Photo: Shutterstock)
Personal insurance rates steady
The composite rate for personal insurance products purchased in the U.S. was up 2% in the first quarter of 2015. The March rates matched January and February with each month holding steady at plus 2%.
By lines of coverage, insureds purchasing homeowners coverage paid an average of 2% more in March 2015 as compared to March 2014. Automobile owners also paid an average additional 2% of premium. Buyers of personal articles floaters paid a premium that averaged 1% higher than at the same time last year.
Following is a summary of the March 2015 personal lines rates:
| Personal Lines | |
| Homeowners under $1,000,000 value | Up 2% |
| Homeowners over $1,000,000 value | Up 2% |
| Automobile | Up 2% |
| Personal Articles | Up 1% |
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