According to the LexisNexis Insurance Demand Meter, a “Hot” Q4 2023 spelled continued rate increases, along with improved combined ratios, and now opens a window for insurers to capitalize on continued shopping as they seek a return to profitability in 2024.
Key takeaways from the fourth quarter report include:
- Year-over-year shopper growth showed the strongest Q4 growth since 2020.
- Quarterly year-over-year growth for new policies outpaced shopper growth for the sixth consecutive quarter, meaning consumers continue to switch carriers at an increasing rate when they shop.
- Not resigned to higher rates, 41% of insured households shopped their auto insurance at
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