According to a report by MarketScout, personal lines insurance rates in the US experienced a slight decrease, with the composite rates dropping to 4.4% in the second quarter of 2023 from 5% in the first quarter.
“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,” Kerr added.
MarketScout’s analysis of market conditions was supported by pricing surveys conducted by the National Alliance for Insurance Education and Research.
These surveys, which encompassed new and renewal placements across the country, helped validate MarketScout’s actual findings.
Personal lines insurance rates in the US saw increases of 4.3% for homeowners under $1,000,000 value, 5.7% for homeowners over $1,000,000 value, 4.7% for automobile insurance, and 3% for personal articles.
While personal lines coverage rates experienced moderate increases across the United States, the overall trend in the second quarter was a decrease in rates compared to the previous quarter.
