While improving versus the over 35% decline in second quarter, the fourth quarter was still down substantially. Earned car years grew at highest rate since 2017.
The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that the historic impact of coronavirus lockdowns on private passenger collision claims continued through the fourth quarter of 2020.
Collision coverage claims for the fourth quarter of 2020 were down 18.8% compared to the fourth quarter of 2019 showing the continuing impact of the pandemic. In the third quarter, collision claims were down 21.1%. In the second quarter