While changing technology is a longer-term disruptive threat, rate increases will drive growth in the near term, according to S&P Global Market Intelligence report Auto insurance has accounted for more of the U.S. property and casualty (P&C) industry’s premium volume in recent years, with several rounds of loss-fueled rate increases accelerating premium volumes in the […]
J.D. Power: Auto Insurance Customer Satisfaction Reaches Record High
Improvements in digital interactions, billings/payment, policy offerings drive increase. Despite steadily increasing premiums, auto insurance customers are more satisfied with their carriers than ever. According to the J.D. Power 2018 U.S. Auto Insurance Study, insurers are beginning to get the customer interaction formula right, offering a mix of digital and live interactions that keep customers […]
U.S. House Housing and Insurance Subcommittee Hearing Examines Future of Automobile Insurance in Era of Autonomous Vehicles
The U.S. House of Representative Financial Service Committee Housing and Insurance Subcommitee met yesterday to examine the development of the autonomous vehicle and its effect on the future of automobile insurance. For the first time, emerging automobile technology is intersecting with the financial industry, changing the business of property and casualty insurance. The hearing examined […]
Largest Auto Insurers Continue to Grow Market Share in the U.S.
The largest private passenger auto insurers in the U.S. continued to capture greater market share in 2017. Change in rank of top 10 auto insurers. Since 2000, the largest private passenger automobile insurers in the U.S. have been steadily growing their combined market share and more than half of all private passenger auto insurance in […]
California Regulator Orders Access Insurance Company to Stop All Business Operations
California Insurance Commissioner Jones issued a Cease and Desist Order against Access Insurance Company, which requires the company to immediately stop transacting, soliciting, negotiating, or administering and writing any new or renewal insurance business of any kind in the state of California. According to the insurance company’s website it is licensed to provide auto insurance […]
Nevada Raises Minimum Vehicle Liability Insurance Coverage Requirements
The Nevada Division of Insurance announced it has partnered with the Nevada Department of Motor Vehicles, Nevada Highway Patrol and the Nevada Insurance Council (NIC) to inform Nevada consumers of a new law that will increase the minimum vehicle liability insurance to be in compliance with the law and avoid paying penalties. Collision repairers have […]
Cost of Car Insurance in UK Costs 10% of a Young Driver’s Salary
Growth of injury claims and taxes drive higher costs for young people. All their salary for the year to date would go to pay auto insurance premiums. The Association of British Insurers (ABI) reported further evidence of the need to tackle rising motor insurance premiums – the cost of car insurance now gobbles up 10 […]
AM Best Reports Personal Auto Insurance Underwriting Profitability Performed Better in 2017
The underwriting profitability of the U.S. personal auto line showed signs of improvement in 2017 as rate hikes have been effective against loss frequency and severity trends, according to a new A.M. Best report. The combined ratio for the U.S. private passenger standard auto composite (companies with private passenger auto net premiums written that constitute […]
Auto Physical Damage Insurance Underwriting Profit Continues to Decline in the U.S.
The latest statistics from the National Association of Insurance Commissioners indicates that the percentage of premiums going to pay losses has continued to increase. Private passenger physical damage insurance turned to a loss in 2016. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2016, released this […]
KPMG Reports Autonomous Vehicle Tech Could Shrink Auto Insurance Sector 71% by 2050
According to KPMG report, shifting driving risk to auto manufacturers and adoption of mobility-on-demand will significantly impact insurance business. Autonomous vehicle technology could shrink the auto insurance sector by 71 percent or $137 billion by 2050, according to new research by KPMG, titled The Chaotic Middle: The Autonomous Vehicle and Disruption in Automobile Insurance. KPMG […]