MarketScout says price increases were assessed n Most Homeowners and Auto Accidents
The numbers are in and it appears that overall there ha been a slight premium increase in the U.S. personal lines composite rate for May. Comparing May 2013 with April 2013, the composite rate is up from plus three percent to plus 4 percent. Homes of all different value levels saw a four percent increase while automobile rates also increased across the U.S. from three percent in April to four percent in May. Personal article premiums stayed static at plus three percent.
“Regardless of the value of your home, most insureds had premium increases for renewals in May. Perhaps the numerous tornadoes or the pending hurricane season had an impact on pricing. We feel the increases are driven more by underwriter’s sentiment than actuarial projections,” says Richard Kerr, MarketScout’s CEO.
A in-depth look at the numbers
|Personal Lines||Rate Changes|
|Homeowners under $1,000,000||Up 4%|
|Homeowners over $1,000,000||Up 4%|
|Personal Articles||Up 3%|