The new year kicked off with a composite property & casualty rate increase of one percent, according to MarketScout, an insurance distribution and underwriting company headquartered in Dallas, Texas.
According to Richard Kerr, CEO of MarketScout, "The one percent composite increase in January matched the increase for December 2011. Workers’ compensation and catastrophe exposed property continued to exhibit the largest increases with upward adjustments of plus 2 percent."
In 2012, MarketScout will start tracking personal lines rates. Mr. Kerr commented, "Beginning in February, MarketScout will post a separate market barometer for personal lines business. A composite rate for all personal lines coverages will be posted each month. Specific market pricing will be posted for personal auto, homeowners and personal articles. We will also track high value homeowners separately from traditional homeowners."
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.