Personal auto physical damage loss ratios have deteriorated as severity has increased since the end of 2021. Innovative use of technology necessary to strengthen claims handling.
AM Best announced today is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2023, primarily due to significant deterioration in reported results for the personal auto lines of business.
The personal lines outlook, which was recently revised to negative in September 2022, indicates that AM Best expects market trends to have a negative impact on companies operating in the segment, but it does not mean that all companies
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