Marketscout says personal lines could see some competition in the high-net-worth space affecting rates in the future.
The Dallas-based insurance exchange's Market Barometer indicates overall commercial and personal P&C rates remained steady offering little in the way of surprises, but CEO Richard Kerr says two major insurers are considering entry in the high-net-worth space “in a meaningful way”.
“If they do, the increased competition could have an impact on rates,” says Kerr. He cautioned not to get too excited about the new entrants saying it is a tough market to handle requiring “enormous amount of capital and exceptional talent” to command it.
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