Rates for personal lines coverage moderated slightly in the first quarter of 2023, according to new data from insurance distribution and underwriting company MarketScout.
“The rating environment for personal lines is tracking with Q4 2022, which is to be expected,” said 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, according to MarketScout.
Auto insurance rates increased at plus-6.3% in Q1, compared to plus-5% in the fourth quarter of 2022.
Q1 2023 personal lines rates
Dallas-based MarketScout, founded in 2000, 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 numerous specialty programs. The company owns and operates the MarketScout Exchange as well as more than 40 other online and traditional underwriting and distribution venues.
MarketScout was acquired by Novatae Risk Group in November 2022.
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