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 […]
U.S. Consumers Continue to Shop and Switch Auto Insurance at Higher Rates
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 […]
Florida Man Accused of Selling Phony Insurance Policies to Car Buyers
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 […]
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