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You are here: Home / Archives for Auto Insurance

U.S. Auto Body Repair Prices Up Under 2% in April Compared to Last Year

May 17, 2024 By CollisionWeek Editor

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) […]

Filed Under: Research Tagged With: Auto Body Repair Prices, Auto Insurance, consumer price index, Inflation

China Motor Insurance Industry Projected to Surpass $158 Billion by 2028

May 17, 2024 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, China

U.S. Consumers Continue to Switch Auto Insurance at Higher Rates

May 16, 2024 By CollisionWeek Editor

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. […]

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

Nearly Half of Auto Insurance Customers Currently Shopping for New Policies

April 30, 2024 By CollisionWeek Editor

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 […]

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

Five of the Top 10 U.S. Auto Insurers Grew Market Share in 2023

April 5, 2024 By CollisionWeek Editor

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 […]

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

U.S. Consumers Continue to Shop and Switch Auto Insurance at Higher Rates

February 22, 2024 By CollisionWeek Editor

According to the LexisNexis Insurance Demand Meter, a “Hot” Q4 2023 spelled continued rate increases, along with improved combined ratios, and now opens a window for insurers to capitalize on continued shopping as they seek a return to profitability in 2024. Key takeaways from the fourth quarter report include: Year-over-year shopper growth showed the strongest […]

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

Florida Man Accused of Selling Phony Insurance Policies to Car Buyers

February 7, 2024 By CollisionWeek Editor

On February 5, Florida Chief Financial Officer (CFO) Jimmy Patronis announced the arrest of William Diehl for allegedly impersonating an insurance agent and defrauding consumers purchasing auto insurance. Diehl, while not licensed as an insurance agent, sold multiple fraudulent and non-existing automobile insurance policies to several unsuspecting victims, many of whom may still be unaware […]

Filed Under: News Tagged With: Auto Insurance, Florida, Fraud, Lawsuits

Auto Insurer Prospects Improving Amid Price Hikes and Moderating Loss Severity

December 1, 2023 By CollisionWeek Editor

Fitch Ratings finds improvements vary widely across companies as many still report underwriting losses. The U.S. personal auto insurer segment is seeing larger pricing actions take effect, with moderating claims severity setting the stage for segment improvement in 2024, based on personal auto segment public filings for the first nine months of 2023, Fitch Ratings […]

Filed Under: News Tagged With: Auto Insurance, Combined Ratio, Earnings, Fitch, Net Written Premiums

China Motor Insurance Industry Projected to Reach $171.9 Billion by 2028

November 27, 2023 By CollisionWeek Editor

The motor insurance industry in China is projected to grow at a compound annual growth rate (CAGR) of 4.5% from CNY871.2 billion ($129.1 billion) in 2023 to CNY1.1 trillion ($171.9 billion) in 2028, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company. According to GlobalData’s Insurance Database, China’s […]

Filed Under: News Tagged With: Auto Insurance, China, GlobalData, Premiums

Consumer Federation of America Report Highlights Top U.S. Insurance CEO Pay

October 3, 2023 By CollisionWeek Editor

According to consumer group, as insurance rates increase, CEOs at 10 largest auto and home insurers were paid a quarter billion dollars in past two years. But a CollisionWeek analysis shows CEO compensation doesn’t appear to be keeping pace with the rate of overall inflation. A Consumer Federation of America (CFA) review says insurance executive […]

Filed Under: News Tagged With: Auto Insurance, Consumer Federation of America, Executive Compensation

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