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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

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

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