According to a recent email from the Independent Insurance Agents of Arkansas and IA, a recent MarketScout report indicates after inching up to +1% in July, average commercial pricing fell back to flat in August. By coverage class, all rates were flat except auto and property, which clocked in at +2% and +1%, respectively. Pricing told a similar story by industry class, where all rates were flat except manufacturing and transportation-down 1% and up 2%, respectively.
As p-c cycles moderate in response to underwriters developing more effective tools to ensure appropriate pricing, "it appears soft markets are not as soft as they once were and hard markets aren't as hard," Kerr points out. "These tools and increased board level oversight keep the cowboys in check-at least most of the time."
Meanwhile, personal lines rates held steady at a +2% composite in August. For all homeowners coverage, MarketScout reports average rates of +2%. Personal auto pricing held steady at +2%, while average personal articles rates moderated slightly from +1% to flat.
At MFS we stay on top of current insurance market conditions to ensure you have the lowest premiums and broadest coverage available. It's prudent to consider your options every few years when buying insurance to make sure you have the best deal. We invite you to explore our website and learn more about our team and agents that make your buying experience exceptional.
Call 870-633-1934 in Forrest City, AR. Call 870-673-8586 in Stuttgart, AR. Call 870-295-2588 in Marianna, AR. Call 501-327-4666 in Conway, AR. Call 501-581-0000 in Greenbrier, AR. Call 501-821-5444 in Little Rock, AR.