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 […]
House Passes Legislation to Eliminate Antitrust Exemption on Health Insurance, Possible Precedent for Repeal of Property-Casualty Exemption
Insurance group concerned about impact on other types of insurance. ASA sees opportunity for meaningful insurance reform. The U.S. House of Representatives passed H.R. 372, the Competitive Health Insurance Reform Act of 2017 on Wednesday by a vote of 416-7. The bill would repeal the limited antitrust exemption for health insurers established by the McCarran-Ferguson […]
GM’s Maven Car Sharing Adds Monthly Option for Members that Includes Insurance
Transportation option is available in Los Angeles and San Francisco. Initial vehicles include the Chevrolet Tahoe and extended-range electric Chevrolet Volt. Maven, General Motors’ car sharing brand, has expanded its offerings to include a new monthly service, Maven Reserve. Maven members pay a monthly fee to reserve a new GM vehicle loaded with technology for […]
Auto Physical Damage Insurance Underwriting Profit Declined from 2005-2015
Latest statistics from the National Association of Insurance Commissioners indicates that the percentage of premiums going to pay losses has increased. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2015, released this month, illustrates the increasing percentage of underwriting dollars going to pay claims on auto […]
Ford Launches App to Help Customers Save on Auto Insurance
Ford announced it is first to connect with the new DriverScore smartphone app that provides a personalized score based on individual driving behavior, which could lead to lower insurance rates. Developed by IVOX, DriverScore is a smartphone app compatible with the Ford SYNC AppLink platform. DriverScore empowers consumers by giving them the option to share […]
Study Finds Mutual Auto Insurance Companies Provide Best Value to Consumers
Report highlights significant difference in paid loss ratio between mutual, private and publicly-traded auto insurance companies. U.S. consumers effectively overpaid for auto insurance coverage by a stunning $101 billion in the last five years, a new study by insurance analytics company ValChoice has found. According to the company, 90 percent of consumers could have gotten […]
J.D. Power Reports Modest Increase in Auto Insurance Claims Satisfaction
Study finds that while the use of digital channels increases, technology can’t fully replace human connections during auto insurance claims process. The Hartford ranks highest in satisfaction among insurers without closed memberships. According to the J.D. Power 2016 U.S. Auto Claims Satisfaction Study, Gen Y customer satisfaction with the auto insurance process, while still the […]
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 […]
State Farm Projects 2016 Likelihood of Deer Collision
Cost of large animal claims down slight in 2015-2016 State Farm has released its annual deer claim study, which ranks states by the potential drivers had of hitting a large animal, including deer, elk and moose over a given time period. On average, one of every 41 West Virginia drivers will have an insurance claim […]
Ford Sees Emerging Revenue Opportunities in Autonomy, Mobility Services and Insurance
Vehicle manufacturer eyes transformation from traditional auto manufacturing to transportation services provider. Ford Motor Company (NYSE:F) told investors yesterday the company sees an attractive upside as it invests in emerging opportunities and expands as an auto and mobility company. Ford expects the financial performance of its core business to be strong through 2018 and its […]