Data from MarketScout shows that personal lines rates decreased slightly through the first quarter of 2023, with the US composite rate recorded at plus 5%.
Homeowners and personal articles insurance on a composite basis were both down slightly in the Q1, analysts reported.
But automobile insurance rates are increasing at plus 6.3% for Q1 2023 versus plus 5% in Q4 2022.
“The rating environment for personal lines is tracking with Q4 2022, which is to be expected,” said Richard Kerr, CEO of Novatae Risk Group.
“The real action in personal lines comes during wind and wildfire season,” Kerr added. “However, even now, catastrophe exposed high value property owners are struggling to find coverage without experiencing significant rate increases and restriction of terms such as higher deductibles and reduced coverage.”
MarketScout’s data showed that, for personal lines, homeowners lines under $1 million in value experienced rate increases of 5%, while lines over $1 million saw increases of 6%.
As mentioned previously, personal lines automobile rates were recorded at 6.3% for Q1, while personal articles rate movements were up 3.3%.
