Things looking to become more competitive in the personal lines market
As the US Personal lines composite rate inched up a percentage point in September, insurers are looking to become more competitive in their pricing. The percentage point increase is in comparison to a rate increase of plus 2 percent in August of 2015.
“It appears the US personal insurance market will enjoy another year without a major hurricane hitting the mainland of the United States. As a result, rates could continue to be more and more competitive,” noted Richard Kerr, CEO of MarketScout.
An in-depth look at the numbers
According to Dallas-based MarketScout which analyzes the premium rate trends each month, homeowners’ rates were plus 1 percent in September 2015 as compared to plus 2 percent in August 2015. As for automobile insurance rates, September saw the rates hold steady at plus 2 percent. Personal articles also remained on balance at plus 1 percent.
|Personal Lines||September 2015||August 2015|
|Homeowners under $1,000,000 value||Up 1%||Up 2%|
|Homeowners over $1,000,000 value||Up 1%||Up 2%|
|Automobile||Up 2%||Up 2%|
|Personal Articles||Up 1%||Flat|