Auto physical damage indicators influencing the collision repair industry declined during the fourth quarter of 2018 compared to the previous year. Growth in collision insurance coverage slows. According to the latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS), private passenger collision claims decreased in the U.S. during the 12 […]
AM Best Report Personal Auto Insurers Combined Ratio Improves
Severity continues to increase, but frequency growth has leveled. The U.S. private passenger auto segment has experienced a turnaround after weakened performance in 2015-2016, as rate actions and underwriting initiatives resulted in a 3.8-point year-over-year improvement in the sector’s combined ratio in 2017, as well as a 4.7-point loss ratio reduction through third-quarter 2018, according […]
Just 3 of the Top 10 Largest Auto Insurers Grew Market Share During 2018 in the U.S.
Overall market share of 10 largest private passenger auto insurers in the U.S. slightly down compared to 2017. For the first time in six years, the 10 largest private passenger automobile insurers saw their market share decline slightly in 2018 compared to the previous year. The top 10 insurers accounted for 72.17 percent of premiums […]
U.S. Auto Body Repair Price Growth Higher than Inflation in December
U.S. auto body repair prices in December were up both month-on-month and year-on-year. The most recent government figures on inflation through December 2018 indicate the rate of growth of auto body repair prices has started to increase again after slowing somewhat during the first several months of the year. While general inflation declined at the […]
Auto Physical Damage Insurance Underwriting Profit Up in 2017
The latest statistics from the National Association of Insurance Commissioners indicates that the private passenger auto physical damage insurance returned to profit in 2017. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2017, released this month, showed some improvement in private passenger auto physical damage (APD) […]
S&P Market Intelligence Report Sees US Auto Insurance Industry Benefitting From Higher Premiums, Lower Losses
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 […]