Personal lines rates rise slightlyReprints
The composite rate for U.S. personal lines policies that were placed in January 2014 rose only 2%, according to an analysis released Wednesday by MarketScout.
The Dallas-based electronic insurance exchange reported that rates for homes valued at less than $1 million, personal automobile and personal articles floaters rose 2% while the fourth risk tracked by MarketScout—homes valued at more than $1 million—rose 4%.
“2013 was a good year for personal lines insurers,” said MarketScout CEO Richard Kerr in a statement. “We expect continued aggressive pricing, but that will be geographically modified as appropriate. Coastal homeowners continue to enjoy competitive rates because of the lack of windstorm activity in 2013, despite Superstorm Sandy.”