Advertise
Resources
Member, Beacon International Group, Ltd.
A slowly of rate increases seen in the commercial lines insurance sector is beginning to show up in personal lines as well.
A report issued Friday by Dallas-based electronic insurance exchange MarketScout found that U.S. personal lines insurance rates rose an average of only 2% in August. For homes valued at more than $1 million, rates increased only 1% while those for homes valued at less than $1 million rates rose 2%.
Personal auto rates rose 3% while rates for personal articles coverage rose 2%.
“Personal insurance is becoming more competitive due to the limited number of major catastrophes this year, better automation systems and new market entrants,” said MarketScout CEO Richard Kerr in a statement. “It’s not surprising to see rate moderation.”