The composite rates assessed for personal lines insurance in the US decreased slightly from 5% in the first quarter 2023 to 4.4% in the second quarter 2023.
“Insurers were feeling pretty good in the second quarter,” said Richard Kerr, CEO of MarketScout and Novate Risk Group. “The real challenge, however, will be to get through wind and wildfire seasons without catastrophic losses. We must all wait to see how things fare over the next four or five months.”
Across the US, rates for personal lines coverage moderated slightly.
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 second quarter 2023 personal lines rates is set forth below
|Homeowners under $1,000,000 value||Up 4.3%|
|Homeowners over $1,000,000 value||Up 5.7%|
|Personal Articles||Up 3%|
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.