Here's how composite rates for personal lines fared in Q2
By Steven Byerley
Jul 10, 2023 Share
The composite rates assessed for personal lines insurance edged down from 5% in the first quarter to 4.4% in Q2, according to new data from MarketScout.
“Insurers were feeling pretty good in the second quarter,” said Richard Kerr, CEO of MarketScout and Novatae 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 to five months.”
Rates for personal lines coverage moderated slightly across the country in Q2, MarketScout reported.
Q2 2023 personal lines rates
- Homeowners under $1 million value: up 4.3%
- Homeowners over $1 million value: up 5.7%
- Auto: up 4.7%
- Personal articles: up 3%
Read next: CEO’s warning to agents: Don’t get left “high and dry”
Dallas-based MarketScout, founded in 2000, is a Lloyd’s coverholder and MGA for US insurers with specialty expertise in workers’ compensation, private client solutions, energy, healthcare, fine art, equine, jewelry, professional liability, and numerous specialty programs. The company owns and operates the MarketScout Exchange as well as more than 40 other online and traditional underwriting and distribution venues.
MarketScout was acquired by Novatae Risk Group in November 2022.
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