According to recent analysis from MarketScout, the composite rate for personal lines across the US was 4% for Q3 2023, with automobiles up 4.3% and personal articles up 2.7%.
MarketScout suggests that a relatively benign hurricane season encourages insurers, but that the hottest summer on record creates separate issues going forward.
Richard Kerr, Chief Executive Officer of Novatae Risk Group, commented, “Insurers are feeling better about their results in the personal lines space, resulting in lower rate increases. However, the hottest summer on record does create concern for the future.”
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout’s analysis of market conditions.
Surveys have helped to further corroborate MarketScout’s actual findings, mathematically driven by new and renewal placements across the United States.
MarkerScout added that all homes, regardless of value, enjoyed moderate increases, as did automobile and personal article floaters.
