Insurers holding steady, for now
The composite rates assessed for personal lines insurance in the US decreased slightly from 5% in the first quarter 2023 to 4.4% in the second quarter 2023.
“Insurers were feeling pretty good in the second quarter,” said Richard Kerr, CEO of MarketScout and Novate 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 or five months.”
Across the US, rates for personal lines coverage moderated slightly. 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
A summary of the second quarter 2023 personal lines rates is set forth below.
| Personal Lines | |
| Homeowners under $1,000,000 value | Up 4.3% |
| Homeowners over $1,000,000 value | Up 5.7% |
| Automobile | Up 4.7% |
| Personal Articles | Up 3% |
SOURCE: MarketScout
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