Insurance association says increased auto insurance claim costs will stretch into 2023 and beyond.
A new study Auto Insurance: The Uncertain Road Ahead released by the American Property Casualty Insurance Association (APCIA), examines how insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance premiums. The combination of rapidly increasing overall economic inflation and claims inflation has driven up auto insurance losses and combined ratios.
“In addition to inflation trends, the private passenger auto insurance sector is also experiencing several other trends such as increased frequency and severity of
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