The latest report on the U.S. private passenger auto insurance market from the NAIC details the top 10 insurers in each state in 2022 as well as the size of each market overall. Data from the National Association of Insurance Commissioners (NAIC) provides a detailed view on the size and scope of the private passenger […]
U.S. Auto Insurer Profit Recovery Slow to Materialize
Fitch Ratings says publicly-traded auto insurers continue to report underwriting losses even with higher rates. According to a report by Fitch Ratings, most publicly-traded U.S. personal auto insurers continued to report underwriting losses in the first half of 2023 despite sharper improvement in premium rates. The first half of 2023 was marked by continued unfavorable […]
Auto Insurance Shopping Rates Up 12% in Second Quarter
Search for lower rates and higher vehicle sales drive consumer shopping for insurance, ultimately changes in market share. Auto insurance shopping rates were up 12% in Q2 2023, compared to the same time in 2022 according to TransUnion’s (NYSE: TRU) latest quarterly Insurance Personal Lines Trends and Perspectives Report. While vehicle sales played a role […]
Kemper Exiting Preferred Auto Insurance Business
The Kemper Corporation (NYSE:KMPR) announced that it is exiting the preferred home and auto insurance market, sold through its Kemper Personal Insurance brand, and will actively reduce the business immediately, with all policies being non-renewed or canceled in accordance with applicable state regulations. Kemper was the 11th largest private passenger auto insurer in the U.S. […]
U.S. Auto Body Repair Prices Up in June Compared to May
Prices were also up over 5% on a year-over-year basis. The most recent government figures on inflation through June show the rate of growth of auto body repair prices continues to be above the rate of general inflation for the 24th month in a row, but the rate of increase is less than half the […]
Car Insurance Rates Up 17% in the First Half of 2023
Another 4% increase projected before the end of the year. The average annual cost of a car insurance policy surged $240 to $1,668 in the first six months of 2023, up from $1,428 in 2022. Prices will increase another 4% before the end of the year, according to Insurify’s latest auto insurance report. The report […]
Auto Insurance Study Says Underwriting Losses Doubled Last Year
Insurance association says increased auto insurance claim costs will stretch into 2023 and beyond. A new study Auto Insurance: The Uncertain Road Ahead released by the American Property Casualty Insurance Association (APCIA), examines how insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance […]
Auto Insurance Customer Satisfaction Plummets as Rates Surge
J.D. Power finds satisfaction dropped the largest amount in the past 20 years. Nearly one-third (31%) of U.S. auto insurance customers say they experienced a rate increase during the past year as the industry raises rates an average of 15.5% and insurers continue to fight the forces of record high loss ratios, according to the […]
LexisNexis Reports Auto Rate Increases Drove 17% Growth in New Auto Policies in First Quarter
Growth likely to slow in second half of 2023 as more auto insurers raise rates. The latest edition of the LexisNexis Risk Solutions Insurance Demand Meter reports the quarterly year-over-year U.S. auto insurance shopping growth rate rose 10.2% in Q1 2023, up from +2.8% growth in Q4 2022 as auto insurers continue to implement widespread […]
Wisconsin Collision Repair Professionals Members Rank Acuity Insurance Best Overall for Claims Handling
Wisconsin Collision Repair Professionals (WCRP) members recently completed a survey in which they ranked 20 insurance companies based on their overall experiences with their claims handling. The table above shows the overall rankings of the WCRP survey.
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