Overall US consumers paid more in March says MarketScout
Both commercial and personal insurance rates were up three percent this month said Dallas-based MarketScout. The increase in personal insurance was one percent more over figures for February, which saw rates up at plus two percent.
Richard Kerr, CEO of MarketScout, says of the current climate and increased expenses for consumers in the personal insurance pricing environment: “When measuring premiums from March 2012 to March 2014, rates were up 9 percent in the aggregate. So, a homeowner paying $10,000 before renewing in March 2012 would be paying $10,926 after renewing their policy in March 2014.” Kerr added, “We are seeing the premium increases moderate and expect that trend to continue unless insurers are hit with a large catastrophic weather events later in the year.”
Both automobile and homeowners insurance premiums were up from plus two to plus three percent in March.
An in-depth look at the numbers
|Personal Lines||Rate Change|
|Homeowners under $1,000,000 value||Up 3%|
|Homeowners over $1,000,000 value||Up 3%|
|Personal Articles||Up 2%|