Commercial Rates in US Up 3.9% on all Property and Casualty Placements
April 5, 2024

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Personal Insurance Rates Up 4.75% in the First Quarter 2024

Hurricane Season Worries Homeowners Insurers

Across the United States, the composite personal lines rate from the fourth quarter 2023 to the first quarter of 2024 held steady at plus 4.75%.

“Personal lines insurance rates continue to increase. Insurers are carefully watching as forecasters expect an active hurricane season in 2024. This certainly doesn’t make underwriters want to reduce rates any time soon.” says Richard Kerr, CEO of Novatae Risk Group. “Also, capacity for some major insurers has been greatly restricted in CAT-prone areas while other insurers have been downgraded or left CAT areas altogether. This activity will result in higher homeowners rates next quarter.”

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.

A summary of the first quarter 2024 personal lines rates is set forth below

Personal Lines
Homeowners under $1,000,000 valueUp 4.7%
Homeowners over $1,000,000 valueUp 5.3%
AutomobileUp 5.3%
Personal ArticlesUp 3.7%

About MarketScout, a Division of Novatae Risk Group

Founded in 2000, MarketScout, a Division of Novatae Risk Group, 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. 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. In November 2022, MarketScout joined Novatae Risk Group and Richard Kerr was named the combined companies’ CEO. California license #0D60423.