Fourth Quarter 2021 Personal Lines Rates Up 4.25%

2021 Marks Tenth Consecutive Year of Rate Increases

 

Personal lines rates were up 4.25 percent in the fourth quarter of 2021. Homeowners, personal articles, and auto rates all moderated slightly from the third to the fourth quarter 2021. Richard Kerr, CEO of MarketScout commented, “The composite national personal lines market continues to steadily adjust rates as necessary without year-over-year massive rate increases. However, for CAT exposed properties, rate increases can be dramatic; as much as twenty-five to forty percent in areas such as the wildfire corridors of California or Southern portions of Florida.”

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 renewal placements across the United States.DIV

A summary of the fourth quarter 2021 personal lines rates is set forth below.

About MarketScout

Founded in 2000, MarketScout is an insurance distribution and underwriting company headquartered in Dallas, Texas. The company is a Lloyd’s Coverholder and MGA for US insurers with specialty expertise in workers’ compensation, private client solutions, energy, healthcare, fine art, equine, jewelry, professional liability, and many specialty programs. The company owns and operates the MarketScout Exchange, as well as over 40 other online and traditional underwriting and distribution venues. MarketScout is the founder of the Council for Insuring Private Clients (CIPC) and administers the Certified Personal Risk Manager (CPRM) designation in partnership with The National Alliance for Insurance Education & Research. MarketScout is the only insurance organization to receive The National Alliance’s exclusive partnership and endorsement. The company founded the Entrepreneurial Insurance Alliance (EIA) in 2007 to support insurance entrepreneurs and in 2017 founded the MarketScout InsurTech (MIT) venture fund. In January 2018, it launched an Incubator to accelerate start-up MGAs and assume operational functions for existing MGAs and insurers. MarketScout’s company culture and sense of community encourages growth, learning and collaboration. The company has been named as one of the Best Places to Work in Insurance by Business Insurance for ten consecutive years from 2012 to 2021. The company has offices in Alabama, Arkansas, Florida, Illinois, Nebraska, Pennsylvania, South Carolina, Tennessee, Texas, and Washington, DC. California license #0D60423.