Personal-lines insurers priced risks a bit more competitively in April, with rates climbing by 3 percent year-over-year compared to 4 percent in March, according to MarketScout's latest market barometer.
MarketScout CEO Richard Kerr speculates that the typically low level of claims in April may have had a psychological impact on insurers, causing them to ease up some on pricing. He says, "April traditionally is a good month for personal-lines insurers because the spring storms have not yet hit, thereby avoiding tornado and hail claims, and flooding usually occurs a bit later in the year. Normally there are no hurricanes or brush fires; however, there was a small brush fire underway a few days ago which has since diminished."
He adds, "Perhaps the psychology of lower filed claims and the time passing since Super Storm Sandy had some impact on insurers pricing."
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