As goes the commercial market, so goes personal lines.
According to the August report from MarketScout, the US personal lines insurance market saw slightly lower premiums last month. A similar trend was noted in the commercial market.
“Personal insurance is becoming more competitive due to the limited number of major catastrophes this year, better automation systems and new market entrants,” explained MarketScout CEO Richard Kerr. ”It's not surprising to see rate moderation.”
The composite rate ended the month at plus 2%, according to the report.
Other key findings included:
- Homeowners policies for those homes under $1,000,000 moderated from plus 3% to plus 2%.
- For homes over $1,000,000, the rate adjustment was larger, from plus 3% to plus 1%.
- Automobile and personal articles rates remained unchanged at plus 3% and plus 2%, respectively.
| Personal Lines | |
| Homeowners under $1,000,000 value | Up 2% |
| Homeowners over $1,000,000 value | Up 1% |
| Automobile | Up 3% |
| Personal Articles | Up 2% |
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