Insurers holding steady, for now
The composite rates assessed for personal lines insurance in the US decreased slightly from 5% in the first quarter 2023 to 4.4% in the second quarter 2023.
“Insurers were feeling pretty good in the second quarter,” said Richard Kerr, CEO of MarketScout and Novate Risk Group. “The real challenge, however, will be to get through wind and wildfire seasons without catastrophic losses. We must all wait to see how things fare over the next four or five months.”
Across the US, rates for personal lines coverage moderated slightly. The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout’s analysis of market conditions. These surveys help to further corroborate MarketScout’s actual findings, mathematically driven by new and
A summary of the second quarter 2023 personal lines rates is set forth below.
|Homeowners under $1,000,000 value||Up 4.3%|
|Homeowners over $1,000,000 value||Up 5.7%|
|Personal Articles||Up 3%|
AgencyEquity statement on this article:
Some of the statements in this third party article may be forward-looking statements and perhaps even inaccurate statements. AgencyEquity or Strategic Agencies LLC does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever will AgencyEquity or Strategic Agencies LLC be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.