MarketScout: Personal lines rates continue climb

Personal lines rates increased 4% in December from those of the same month a year earlier, acccording to Dallas-based electronic insurance exchange MarketScout.

In a report issued Tuesday, MarketScout said that personal articles coverage rates increased the most at 5%, followed by homeowners at 4% and personal automobile at 3%.

MarketScout CEO Richard Kerr noted the impact of Superstorm Sandy in a statement announcing the December findings.

“Sandy certainly impacted most of the large personal lines insurers; however, the underwriting profit from placements across other parts of the U.S. has helped smooth the impact of losses in the Northeast,” said Mr. Kerr. “Those insurers writing excess and/or primary flood were hit hard. We project rate increases for flood insurance at plus 15% to 20%.”