The November 2015 composite rate for personal lines insurance across the US was down 1 percent.
Richard Kerr, CEO of MarketScout outlined the downward rate movement, “For the first time in 47 months personal lines insurers have followed their commercial counterparts and have begun adjusting rates downward. The absence of wind driven events had some impact, but the large amount of capacity available is certainly influencing rates as well.”
All homeowners’ placements, regardless of size, were down 1 percent in November 2015 as compared to flat in October 2015.
Automobile coverages were flat in November 2015 as compared to up 1 percent in October 2015.
Personal articles placements were down 1 percent in November 2015 as compared to flat in October 2015.
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States.
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