Rising Automobile Claims Costs Put Upward Pressure on Price Of Insurance

I.I.I. White Paper Details Increase In Frequency and Severity of auto crashes.

Over the past two years, U.S. auto insurance companies have seen private-passenger loss costs rise sharply as insurers receive more, and costlier, claims, according to the Insurance Information Institute (I.I.I.).

“There has been an alarming increase in crashes and claims reported. This, combined with the cost of the claims themselves, has led to a dramatic rise in the overall loss cost,” states a just-released I.I.I. white paper, Personal Automobile Insurance: More Accidents, Larger Claims Drive Costs Higher. The loss cost is the portion of an insurance policy’s