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You are here: Home / Archives for Auto Insurance

U.S. Auto Insurer Liability Claim Payouts Soar Due to Inflation

October 2, 2023 By CollisionWeek Editor

U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study. “For personal auto liability insurance, increasing inflation drove loss and DCC (defense containment costs) higher by $61 billion,” the […]

Filed Under: News Tagged With: Auto Insurance, Claim Severity, Inflation

Top 10 Auto Insurance Companies by State in 2022

September 14, 2023 By CollisionWeek Editor

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 […]

Filed Under: Research Tagged With: Auto Insurance, Net Written Premiums, Premiums

U.S. Auto Insurer Profit Recovery Slow to Materialize

August 21, 2023 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, Fitch, Premiums

Auto Insurance Shopping Rates Up 12% in Second Quarter

August 15, 2023 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, TransUnion

Kemper Exiting Preferred Auto Insurance Business

August 8, 2023 By CollisionWeek Editor

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. […]

Filed Under: News Tagged With: Auto Insurance, Kemper Corporation

U.S. Auto Body Repair Prices Up in June Compared to May

August 2, 2023 By CollisionWeek Editor

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 […]

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

Car Insurance Rates Up 17% in the First Half of 2023

July 26, 2023 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, Insurify, Premiums

Auto Insurance Study Says Underwriting Losses Doubled Last Year

July 20, 2023 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: American Property Casualty Insurance Association, Auto Body Repair Prices, Auto Insurance, Claims Severity, consumer price index

Auto Insurance Customer Satisfaction Plummets as Rates Surge

June 13, 2023 By CollisionWeek Editor

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 […]

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

LexisNexis Reports Auto Rate Increases Drove 17% Growth in New Auto Policies in First Quarter

May 19, 2023 By CollisionWeek Editor

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 […]

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

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