February numbers mirrors January’s emphasizing cautious marketplace
The year 2016 continues with a steady market reflecting a lack of movement by U.S. personal lines insurers says MarketScout in its monthly trends report on the state of the US Personal Lines and Commercial Lines Marketplace. The Dallas-based insurance exchange reviews the pricing surveys conducted by the National Alliance for Insurance Education and Research each month in order to compile its monthly analysis of market conditions.
In commenting on the Flat Market, MarketScout CEO, Richard Kerr, noted, “The large admitted market personal lines insurers are taking a very structured approach to pricing. It seems they are not chasing premium like some of the aggressive non-admitted insurers. The composite rate is only down 1 percent because admitted market insurers write such a large volume. However, keep in mind there are some non-admitted insurers quoting prices 10 to 15 percent lower but they don’t make much of an impact because of their small volume.”
As a result, the U.S. Personal Lines Composite Rate for February 2016 mirrors January 2016 with respect to all lines of coverage for the US Personal Lines marketplace.
An in-depth look at the numbers…
|Personal Lines||January 2016||February 2016|
|Homeowners under $1,000,000 value||Flat||Flat|
|Homeowners over $1,000,000 value||Down 1%||Down 1%|
|Automobile||Down 1%||Down 1%|
|Personal Articles||Down 1%||Down 1%|