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 […]
Autonomous Vehicles May Reduce US Auto Insurance Premiums by More than 40% by 2050
According to the annual Global Insurance Market Opportunities report by Aon Benfield, premiums will shrink due to the adoption of autonomous vehicles. Forecast assumes an 81 percent reduction in claims frequency, increase in severity. Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON), has launched its annual Global Insurance Market Opportunities […]
NAIC Hosts Autonomous Vehicle Event for Insurance Regulators
Center for Insurance Policy and Research examines potential impact of autonomous vehicles on insurance sector. More than 300 regulators, consumer representatives and industry stakeholders discussed autonomous vehicles at a forum coordinated by the Center for Insurance Policy and Research (CIPR). The event, Gearing Up for Autonomous Vehicles, was held in conjunction with the National Association […]
Large U.S. Auto Insurers Drag Industrywide Customer Satisfaction Down
According to the latest research from J.D. Power, the decline in satisfaction is due to price perception. After improving in each of the past two years, a decline in satisfaction among the nation’s largest auto insurers is driving overall industry satisfaction downward as customers react negatively to the perception of price increases, according to the […]
GEICO Tops 14 million Policies in Force
GEICO announced that Christopher Stevens’s auto insurance purchase on his smartphone propelled the company to the 14 million policies-in-force milestone. The Hixson, Tenn., native purchased the record-breaking policy after buying a new car the day before Valentine’s Day. GEICO is the second largest private passenger auto insurer in the U.S. according to 2015 market share […]
Moody’s Sees Short Term Gain, Long Term Challenge for Auto Insurers from Self-Driving Cars
A new report from Moody’s Investors Service says that accident avoidance features in vehicles, such as automatic braking, adaptive cruise control, and lane departure prevention will lead to lower accident frequency in the next five-to-ten years, a benefit for auto insurers. Longer term, however, self-driving cars could translate into significantly lower premiums and profits for […]
Largest Auto Insurers Added Market Share in 2015
The largest private passenger auto insurers in the U.S. gained market share in 2015. Growth continues long term trend. Since 2000, the largest private passenger automobile insurers have been growing their combined market share and more than half of all private passenger auto insurance in the United States is handled by just five companies. The […]
AASP/MA Reports Standardized Auto Policy Withdrawn
The Alliance of Automotive Service Providers of Massachusetts (AASP/MA) and the Statewide Towing Association of Massachusetts (STA), announced that due to o pressure from the two industry associations, the Automobile Insurance Bureau (AIB), the association of insurers, has withdrawn their recently filed standard auto policy for Massachusetts. A new policy has been filed by AIB […]
Ratings Agency Reports U.S. Property/Casualty Insurers’ Operating Profitability Declined in 2015
U.S. Property/casualty insurers’ operating earnings decreased in 2015, highlighting the competitive operating environment and low investment yields that challenge insurers’ earnings growth potential, according to a new report by Fitch Ratings. Favorable reserve development and limited catastrophic loss activity helped to offset sluggish investment income. Fitch’s universe of 45 (re)insurance organization reported an aggregate a […]