Dallas-based insurance exchange MarketScout analyzes the Personal Lines Rate Trends each month
October continued to see homeowner’s rates rise the most in the personal lines market, marking a three percent increase in the aggregate for October 2014. This rise occurred regardless of a home’s value. Using the pricing surveys from the National Alliance for Insurance Education, Dallas-based insurance exchange MarketScout analyzed both the personal lines and commercial lines rates to give insurance professionals a snapshot of the market conditions each month across the U.S.
“Personal lines insurers are going to have a good 2014, despite a large number of micro storms, which resulted in notable claims activities,” commented MarketScout CEO Richard Kerr in his monthly look at the numbers. “Rates should remain stable and actually adjust downward a bit more by year end.”
As for automobile and personal articles coverages, auto rates were plus two percent, the same as in September. Personal articles followed suit with a plus one percent increase, exactly the same as it was in September.
A look at the numbers
The following chart highlights the rates for Personal Lines for both the month of October as well as September 2014, thereby giving a month to month comparison of the rate trends. As you can see the rate trends for each category have changed at all in the last two months.
|Personal Lines||October 2014||September 2014|
|Homeowners under $1,000,000 value||Up 4%||Up 4%|
|Homeowners over $1,000,000 value||Up 3%||Up 3%|
|Automobile||Up 2%||Up 2%|
|Personal Articles||Up 1%||Up 1%|