US personal lines insurers continued their slow but steady pace in July 2016 with the composite rate matching that of June 2016 at plus 1 percent.
Richard Kerr, CEO of MarketScout noted, “Admitted market insurers are more aggressive when pricing cream of the crop accounts; however, they will certainly raise rates on an account with losses or poor mitigation efforts. Non-admitted insurers continue to be opportunistic but are slowing down rate reductions.”
All homes of all values were assessed at a composite rate increase of plus 2 percent.
Automobile rates were steady at plus 1 percent.
Fine art rates matched the prior month at flat or no increase.
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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