Fitch Ratings says premium increases and moderating claims severity benefiting auto insurance companies. The improving, more favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025, Fitch Ratings says. Several rounds of material price increases and a moderation of claims severity trends has vastly […]
Auto Insurance Shopping Continued to Rise in Q2 2024
TransUnion reports shopping increased versus 2023 even as rates stabilized. Auto insurance shopping volume set a new record for the second consecutive quarter, according to new research from TransUnion (NYSE: TRU). The number of U.S. consumers shopping for auto insurance was up 7.4%, compared to Q2 2023 (YoY). This trend has been driven in recent […]
Georgia Personal Auto Insurance Among Least Affordable States in the Country
Claim litigation, uninsured motorists a growing concern, according to IRC Study. Georgia’s personal auto insurance affordability has deteriorated in recent years, climbing the ranks of least affordable states over the past decade and a half, according to the new report Personal Auto Insurance Affordability in Georgia, by the Insurance Research Council (IRC), a division of […]
Trust Top Driver of Customer Satisfaction for Auto Insurance
J.D. Power finds that as premiums continue to rise, fewer than half of customers trust their insurer. With U.S. auto insurance rates up 11.2% on average during the past year—and insurers still losing an average of five cents on every dollar of premium they collect—sky-high premiums do not appear to be leveling off anytime soon. […]
Triple-I Reports Personal Auto Profitability Heading in the Right Direction
Personal auto insurance underwriting profitability appears to finally be headed in a positive direction after recent years of record underwriting losses, according to the Insurance Information Institute (Triple-I). “Auto insurers’ 2023 net combined ratio of 104.9 is 7.3 points better than 2022. Additionally, 2023 net written premium growth of 14.3% is the highest in over […]
U.S. Auto Body Repair Prices Up Under 2% in April Compared to Last Year
The rate of increase was below the increase in the national consumer price index. The most recent government figures on inflation through April show the rate of growth of auto body repair prices is now below the rate of general inflation after more than 30 months in a row of higher increases. The year-over-year (YoY) […]
China Motor Insurance Industry Projected to Surpass $158 Billion by 2028
The Chinese motor insurance industry is set to grow at a compound annual growth rate (CAGR) of 5.4% from CNY912.2 billion ($127.4 billion) in 2024 to CNY1,125.7 billion ($158.9 billion) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company. GlobalData’s Insurance Database reveals that the Chinese motor […]
U.S. Consumers Continue to Switch Auto Insurance at Higher Rates
Leading carriers to continue focus on renewal and retention. According to the LexisNexis Insurance Demand Meter, high demand for new policies in the first quarter showed consumers are still not resigned to higher rates as insurers continue to adjust strategies to retain customers for long-term growth. Key findings of the most recent report include: S. […]
Nearly Half of Auto Insurance Customers Currently Shopping for New Policies
J.D. Power finds that consumers are not passive in wake of premium increases by insurance companies. EV owners less satisfied with Auto Insurance Shopping Experience According to the J.D. Power 2024 U.S. Insurance Shopping Study that the dramatic increase in auto insurance premiums, combined with lackluster customer satisfaction scores this year, is putting more insurance […]
Five of the Top 10 U.S. Auto Insurers Grew Market Share in 2023
Auto insurance premiums earned up over 12% last year. Total direct premiums earned on private passenger auto insurance were $303.5 billion in the U.S. in 2023, up 12.3% from 270.3 billion in 2022 according to data released March 18 by the National Association of Insurance Commissioners (NAIC). In comparison, during 2022, earned premiums were up […]
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