Personal Insurance Rates were up two percent last month says MarketScout
While commercial insurance rates enter a soft market, personal insurance rates have managed to remain steady at the start of 2015. This increased mirrored December 2014 which also saw a two percent increase.
Richard Kerr, CEO of MarketScout, profiled the market conditions of personal lines insurance as follows, “2014 was overall a good year for personal lines insurers, largely due to the absence of major catastrophic quake, brush fire, or wind events. As a result, rates are holding steady.”
Overall, personal insurance rates saw no change from the end of 2014 to the start of 2015.
The following chart highlights the rates for Personal Lines for both the month of December as well as for the three anterior months, thereby giving a month to month comparison of the rate trends.
|Personal Lines||January 2015||December 2014|
|Homeowners under $1,000,000 value||Up 3%||Up 3%|
|Homeowners over $1,000,000 value||Up 2%||Up 2%|
|Automobile||Up 2%||Up 2%|
|Personal Articles||Up 1%||Up 1%|