Personal insurance rates have gone up by 2% so far this year, while commercial P&C rates have remained generally stagnant, indicating that the industry will have to continue preparing for a soft market.
The combined average of personal insurance rates went up the same amount in January as it did in December of last year, according to a study from the National Alliance for Insurance Education and Research in conjunction with MarketScout.
Richard Kerr, CEO of MarketScout said the rates were reflective of a "good year" that had few natural disasters.
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