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9 January 2023Insurance

US personal lines composite insurance rates up 5.2% in Q4: MarketScout

Personal lines insurance rates across the US rose by 5.2% in the fourth quarter, a rate which held roughly steady for the bulk of the year, according to the quarterly pricing survey conducted by  Lloyd’s coverholder and US MGA  MarketScout.

Homeowners’ coverage rose 7% for homes of up to $1 million and 7.3% for the higher-value category.

“Catastrophe-prone areas, such as wildfire zones in California and wind-exposed Florida locations, are being assessed higher rate increases, sometimes as much as 30% to 40%," said MarketScout founder and Novatae Risk Group CEO Richard Kerr.

Automobile insurance rates "are trending upwards" with the fourth quarter composite showing a 5% increase.

Personal articles, jewellery and fine art rates have been "steadily increasing at a moderate pace," including a fourth quarter increase of 4%.

Legislative reforms recently enacted in Florida "may help moderate rate increases for all homes in Florida, but any home which is wind exposed will still experience rate increases,” Kerr said.

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More on this story

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11 April 2023   Property rates, up 9.3% y/y, is the only coverage class moving faster than a year ago.
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12 July 2023   Property hits double digits; inland marine, general liability & umbrella/excess rebound.
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6 January 2022   Some 13 of 14 business lines suffered a slowdown in rate increases.

More on this story

Insurance
11 April 2023   Property rates, up 9.3% y/y, is the only coverage class moving faster than a year ago.
Insurance
12 July 2023   Property hits double digits; inland marine, general liability & umbrella/excess rebound.
Insurance
6 January 2022   Some 13 of 14 business lines suffered a slowdown in rate increases.

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