LexisNexis Risk Solutions released its 2023 U.S Auto Insurance Trends Report, which aggregates annual market data about driving behaviors, consumer auto insurance shopping, underwriting and claims to help insurance carriers better understand the evolving trends impacting the U.S. auto insurance industry.
This year’s report analyzes 2022 data and tracks macro-market conditions such as volatile shopping and switching, increased accident severity and the impact of claims on customer retention as carriers continue to take rate in an effort to return to profitability.
“This hard market, which we’ve been experiencing since 2022, does not have to be unprofitable for insurers. Opportunities