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LexisNexis Reports Auto Rate Increases Drove 17% Growth in New Auto Policies in First Quarter

May 19, 2023 By CollisionWeek Editor Leave a Comment

Growth likely to slow in second half of 2023 as more auto insurers raise rates. The latest edition of the LexisNexis Risk Solutions Insurance Demand Meter reports the quarterly year-over-year U.S. auto insurance shopping growth rate rose 10.2% in Q1 2023, up from +2.8% growth in Q4 2022 as auto insurers continue to implement widespread […]

Filed Under: News Tagged With: Auto Insurance, LexisNexis Risk Solutions

Wisconsin Collision Repair Professionals Members Rank Acuity Insurance Best Overall for Claims Handling

May 17, 2023 By CollisionWeek Editor Leave a Comment

Wisconsin Collision Repair Professionals (WCRP) members recently completed a survey in which they ranked 20 insurance companies based on their overall experiences with their claims handling. The table above shows the overall rankings of the WCRP survey.

Filed Under: News Tagged With: Auto Insurance, Wisconsin, Wisconsin Collision Repair Professionals

Auto Insurance Shopping and Carrier Switch Rates Reach New Highs as Premiums Increase

April 27, 2023 By CollisionWeek Editor

J.D. Power finds State Farm ranks highest among large insurers for shopping experience. The Hartford best among midsize insurers. Progressive gaining market share as GEICO raises rates above industry average. The nation’s auto insurers are locked in a vicious cycle of inflation, rising premiums and steadily increasing customer defection rates. The result, according to the […]

Filed Under: News Tagged With: Auto Insurance, J.D. Power

Progressive Reports Personal Auto Policies in Force Grew 11% in March

April 19, 2023 By CollisionWeek Editor

Total personal auto policies in force exceeded 19 million. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,168,400 in March, an increase of 11% from March 2022. Agency personal auto insurance policies were 8,172,900, up 5% from 2022 and direct policies in force were 10,995,500, up 15% versus March […]

Filed Under: News Tagged With: Auto Insurance, Progressive

Top 10 U.S. Auto Insurers Had Over 76% Market Share in 2022

March 30, 2023 By CollisionWeek Editor

Progressive moves into second place on the list of top 10 private passenger auto insurers. NAIC reports auto insurance premiums earned up nearly 5% in 2022. Total direct premiums earned on private passenger auto insurance were $270.26 billion in the U.S., up 4.86% from 57.7 billion in 2021 according to final data released March 28 […]

Filed Under: Research Tagged With: Auto Insurance, National Association of Insurance Commissioners

Intact Financial Corporation and RSA Exit UK Personal Lines Motor Insurance Market

March 30, 2023 By CollisionWeek Editor

Intact Financial Corporation (TSE:IFC) and its subsidiary RSA, announced March 28 it will exit the personal motor (auto) insurance market in the UK to improve the strength and sustainability of the UK & International business. The personal lines motor insurance market in the UK remains extremely competitive and requires significant scale to drive meaningful outperformance. […]

Filed Under: News Tagged With: Auto Insurance, Intact Financial, RSA Insurance, United Kingdom

Consumer Group Concerned California Insurance Commissioner Approved Over $1 Billion in Auto Insurance Rate Hikes

March 23, 2023 By CollisionWeek Editor

Consumer Watchdog says Insurance Commissioner Lara’s approval last week of a $263.7 million rate hike by California’s largest insurer, State Farm, marks the latest in a flurry of approvals of unjustified 2023 auto insurance rate hikes by the top 6 auto insurers, collectively totaling over $1 billion. These companies insure approximately 48% of the state’s […]

Filed Under: News Tagged With: Auto Insurance, California, Insurance Commissioner, Premiums

Legislation Requiring Auto Insurance Passes in Virginia

March 8, 2023 By CollisionWeek Editor

Legislators in Virginia passed Senate Bill 951 (SB 951) that repeals the option for motorists in the Commonwealth to register an uninsured motor vehicle upon payment of the uninsured motor vehicle fee of $500. The bill now goes to Governor Glenn Youngkin who a spokesman said is reviewing the legislation. The deadline for the Governor […]

Filed Under: News Tagged With: Auto Insurance, legislation, Virginia

Hyundai Announces EV Subscription Program that Includes Insurance

February 13, 2023 By CollisionWeek Editor

Hyundai Motor America in partnership with Hyundai Capital America announced its new Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show. This new service provides flexibility and affordability to the consumer who wants to drive Hyundai’s newest electric vehicles without committing to a purchase or longer-term lease. Evolve+ is a month-to-month subscription service […]

Filed Under: News Tagged With: Auto Insurance, Electric Vehicles, Hyundai

Insurance Associations Say President Biden’s Comments on Race-Based Auto Insurance Pricing False

January 24, 2023 By CollisionWeek Editor

The American Property Casualty Insurance Association (APCIA) and the National Association of Mutual Insurance Companies (NAMIC) released statements calling remarks January 16 by President Biden at the National Action Network’s Annual Martin Luther King Day Breakfast that auto insurers base premiums on race as false. According to the published remarks posted on the White House […]

Filed Under: News Tagged With: American Property Casualty Insurance Association, Auto Insurance, Consumer Federation of America, National Association of Mutual Insurance Companies

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