Insurance association warns that higher auto loss severity and rising claims frequency pushing costs up to levels not seen since 2017.
Rising auto accident frequency and severity in the U.S. auto insurance market, combined with the challenges of balancing supply and demand for vehicles and vehicle parts following COVID-19, are resulting in increased claims costs and delays, according to a new white paper by the American Property Casualty Insurance Association (APCIA).
“This new study highlights recent trends in the U.S. auto insurance market that are leading to increased claim costs and impacting consumers,” said Karen Collins, assistant vice president, personal
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