The U.S. personal lines composite increased 4 percent in September, despite a lack of hurricane activity, as a result of premium increases in homeowners, auto and personal articles coverages, according to MarketScout’s Barometer Report. In August, rates were steady.
"Buyers of low limit personal lines coverages can often offset premium increases by shopping in the online personal lines marketplace,” said Richard Kerr, MarketScout's CEO. “There are many options because this product is aggressively pursued by both direct and agency markets. Securing good premium and terms is more complicated for the high-value personal lines consumer.”
Auto and homeowners insurance, for homes of all values, increased by 4 percent in September; personal articles increased 2 percent.
“According to the Council for Insuring Private Clients, a solid personal risk management review must be provided each year in order to assure the best terms and conditions are provided,” Kerr said. “Once coverage is adequately designed, the premium is often reduced.”
MarketScout’s analysis of market conditions uses pricing surveys conducted by the National Alliance for Insurance Education and Research.
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