MarketScout’s Market Barometer reports that the composite rate for U.S. personal lines rises to 4.6% in the second quarter. Homes valued above $1 million see the largest increases, with rates climbing 6.7% during the quarter.
MarketScout’s Market Barometer reports that U.S. commercial property/casualty insurance rates rise 5.6% in the fourth quarter of 2023, bringing the full-year composite rate increase to 4.56%. Property and auto rates record the largest increases, while workers’ compensation rates remain flat.
MarketScout reports that composite US commercial insurance rates are steady in the second quarter of 2023. The average rate increase during the quarter is 5%.
Novatae Risk Group acquires Dallas-based MarketScout Corporation and names MarketScout founder and CEO Richard Kerr as CEO of the combined group. MarketScout specializes in private client solutions, health care, fine art, workers compensation, and specialty areas.
