Personal Lines Rates Decrease Slightly

US composite rate down slightly to plus 5% in first quarter of 2023.

Across the US, rates for personal lines coverage moderated slightly. “The rating environment for personal lines is tracking with Q4 2022, which is to be expected,” says Richard Kerr, CEO of Novatae Risk Group. “The real action in personal lines comes during wind and wildfire season. However, even now, catastrophe exposed high value property owners are struggling to find coverage without experiencing significant rate increases and restriction of terms such as higher deductibles and reduced coverage.” Homeowners and personal articles insurance on a composite basis were down slightly in the first quarter of 2023. Automobile insurance rates are increasing at plus 6.3% for Q1 2023 versus plus 5% in Q4 2022.

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 first quarter 2023 personal lines rates is set forth below.

About MarketScout MarketScout affiliated with Novatae Risk Group in November 2022. MarketScout now has thirty-one offices across the United States. History of 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 forty 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. In November 2022, MarketScout joined Novatae Risk Group and Richard Kerr was named the combined companies’ CEO. California license #0D60423.