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.
Auto Insurance Shopping and Carrier Switch Rates Reach New Highs as Premiums Increase
J.D. Power finds State Farm ranks highest among large insurers for shopping experience. The Hartford best among midsize insurers. Progressive gaining market share as GEICO raises rates above industry average. The nation’s auto insurers are locked in a vicious cycle of inflation, rising premiums and steadily increasing customer defection rates. The result, according to the […]
Progressive Reports Personal Auto Policies in Force Grew 11% in March
Total personal auto policies in force exceeded 19 million. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,168,400 in March, an increase of 11% from March 2022. Agency personal auto insurance policies were 8,172,900, up 5% from 2022 and direct policies in force were 10,995,500, up 15% versus March […]
Top 10 U.S. Auto Insurers Had Over 76% Market Share in 2022
Progressive moves into second place on the list of top 10 private passenger auto insurers. NAIC reports auto insurance premiums earned up nearly 5% in 2022. Total direct premiums earned on private passenger auto insurance were $270.26 billion in the U.S., up 4.86% from 57.7 billion in 2021 according to final data released March 28 […]
Intact Financial Corporation and RSA Exit UK Personal Lines Motor Insurance Market
Intact Financial Corporation (TSE:IFC) and its subsidiary RSA, announced March 28 it will exit the personal motor (auto) insurance market in the UK to improve the strength and sustainability of the UK & International business. The personal lines motor insurance market in the UK remains extremely competitive and requires significant scale to drive meaningful outperformance. […]
Consumer Group Concerned California Insurance Commissioner Approved Over $1 Billion in Auto Insurance Rate Hikes
Consumer Watchdog says Insurance Commissioner Lara’s approval last week of a $263.7 million rate hike by California’s largest insurer, State Farm, marks the latest in a flurry of approvals of unjustified 2023 auto insurance rate hikes by the top 6 auto insurers, collectively totaling over $1 billion. These companies insure approximately 48% of the state’s […]
Legislation Requiring Auto Insurance Passes in Virginia
Legislators in Virginia passed Senate Bill 951 (SB 951) that repeals the option for motorists in the Commonwealth to register an uninsured motor vehicle upon payment of the uninsured motor vehicle fee of $500. The bill now goes to Governor Glenn Youngkin who a spokesman said is reviewing the legislation. The deadline for the Governor […]
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