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Member, Beacon International Group, Ltd.
Even as the rates for commercial property/casualty lines had decelerated, rates for personal lines continued their upswing in September, according to a recently released analysis by Dallas-based electronic insurance exchange MarketScout.
MarketScout found that homeowners insurance rates for houses under $1 million climbed 4% in September compared to last year at this same time. The rates for houses with a value of $1 million or more rose 3%.
Automobile and personal articles coverages were up as compared to this time last year but they were down slightly when comparing September to August. Automobile insurance rates were up 3% in August and up 2% in September. Personal articles coverages were up 2% in August and up 1% in September.
“The personal lines market is highly regulated, especially for admitted market insurers,” said MarketScout CEO Richard Kerr in a statement. “So, year on year rate increases are sometimes more of a reflection of what each state allows as rate increases. These filings may be delayed so the increases may not match market sentiment as respects the timing of the increases. In other words, an insurer may file for rate increases in May and those increases may not be approved until months later.”