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 […]
J.D. Power Study Finds Premium Increases Become Sticking Point for U.S. Auto Insurance Customers
Rate increases due to increasing driving, claim frequency and severity impacting consumer price satisfaction. A combination of record numbers of miles driven, increased frequency and severity of collisions, and extreme weather has crimped U.S. auto insurer profitability, resulting in rate increases for 26% of customers and a strain on customer satisfaction. According to the J.D. […]
Agreement Reached on North Carolina Auto Insurance Rates
Insurance Commissioner Mike Causey announced the signing of a settlement agreement with the North Carolina Rate Bureau in response to the Rate Bureau’s Feb. 1, request for a 13.8 percent increase in auto insurance rates. The North Carolina Department of Insurance agreed to a lower average increase of 2.2 percent – a savings of more […]
Autonomous Vehicles Will Add $81 Billion in New Premiums for Auto Insurers by 2025
According to a report by Accenture, while the long-term impact of autonomous vehicles will reduce the need for auto insurance, initially they will expand the insurance business. Insurance coverage for autonomous vehicles will bring $81 billion in new premiums to the U.S. auto insurance industry over the next eight years, driven by risks related to […]
J.D. Power Reports Canadian Auto Insurance Customer Satisfaction Climbs Despite Premium Increases
The Co-operators Ranks Highest in Customer Satisfaction in Alberta, Atlantic and Ontario Regions; Industrial Alliance Ranks Highest in Quebec Customer satisfaction with auto insurance in Canada increases for the second consecutive year despite nationwide premium increases, according to the J.D. Power 2017 Canadian Auto Insurance Satisfaction Study, released today. “It does seem counterintuitive to see […]
State Farm to Consolidate Facilities
State Farm Mutual Automobile Insurance Company announced plans last week to exit eleven facilities in stages over the course of several years, beginning in 2018. The work from these facilities will move to the company’s headquarters in Bloomington, Ill., its offices in Atlanta, Dallas, and Phoenix, as well as a number of existing locations across […]
Facing Modest Rate Increases, Auto Insurers Increase Reliance on Service, Agents
Latest J.D. Power Auto Insurance Shopping research shows reliance on customer service to drive satisfaction. Erie Insurance tops satisfaction ranking for fifth consecutive year. Amid a second straight year of stagnant auto insurance shopping activity and modest rate increases, auto insurance companies have grown increasingly reliant on great customer service, personalized advice and strong agents […]
Large Auto Insurers Added Market Share in 2016
The top 25 private passenger auto insurers in the U.S. gained market share in 2016. Change in rank of top 10. 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 the United States is […]
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