We are able to provide a unique, credible system for summarizing pricing information in the personal lines marketplace. This information will be of great value to insurance professionals and consumers alike.
(PRWEB) March 13, 2012
MarketScout announced today that it has begun tracking U.S. personal lines rates for homeowners, automobile and personal articles coverages.
According to Richard Kerr, founder and CEO of MarketScout, “MarketScout has been a proven industry resource for tracking commercial insurance pricing since 2001, and we are now pleased to offer similar data for personal lines. We are monitoring personal lines pricing and coverage terms across the United States. Because of the many factors that impact the prices consumers pay for personal lines insurance, we are taking note of the class of business, geographic location and coverage requirements when monitoring these prices. We are also differentiating between High Net Worth accounts (homes valued over $1,000,000 or total premium over $10,000) and traditional personal lines accounts.”
Kerr explained MarketScout’s tracking capabilities by noting, “We have an exceptional amount of data which is captured from the MarketScout Exchange which enables us to track pricing in the personal lines marketplace. Also, via our affiliation with The National Alliance for Insurance Education and Research, we conduct in person surveys of thousands of insurance agents, company personnel and other professionals attending continuing education and designation update institutes. By combining the data from the MarketScout Exchange with the surveys from The National Alliance, we are able to provide a unique, credible system for summarizing pricing information in the personal lines marketplace. This information will be of great value to insurance professionals and consumers alike.”
In February, the composite premium for personal lines was up 2 percent. Premiums for homeowners insurance for homes under $1,000,000 in replacement cost value were up 2 percent on a national basis. Homeowners insurance for homes over $1,000,000 was up one percent. Automobile insurance increased two percent and personal articles (jewelry, paintings and the like) increased one percent.
A summary of the February 2012 rates for personal lines is set forth below.
Homeowners under $1,000,000 value Up 2%
Homeowners over $1,000,000 value Up 1%
Automobile Up 2%
Personal Articles Up 1%
For more detailed ratings analysis or market projections by specific coverage, account size, or geographic location, contact Vilma Scott at vscott(at)marketscout(dot)com.
MarketScout is an insurance distribution and underwriting company headquartered in Dallas, Texas. The firm owns and operates the MarketScout Exchange at http://www.marketscout.com as well as over 40 other online and traditional underwriting and distribution venues. MarketScout owns Monster Energy; a Bermuda based reinsurer covering primary Workers Compensation, General Liability and Automobile exposures in the energy industry. The firm also manages workers’ compensation and personal lines MGA business across the U.S. In 2010, MarketScout launched MarketScout Wholesale, LLC (MSW), complementing its electronic underwriting and distribution strategy. MarketScout and MSW have offices in Arizona, Arkansas, California, Connecticut, Florida, Illinois, Louisiana, New York, Oregon, Texas and Washington D.C.