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 […]
Hyundai Announces EV Subscription Program that Includes Insurance
Hyundai Motor America in partnership with Hyundai Capital America announced its new Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show. This new service provides flexibility and affordability to the consumer who wants to drive Hyundai’s newest electric vehicles without committing to a purchase or longer-term lease. Evolve+ is a month-to-month subscription service […]
Insurance Associations Say President Biden’s Comments on Race-Based Auto Insurance Pricing False
The American Property Casualty Insurance Association (APCIA) and the National Association of Mutual Insurance Companies (NAMIC) released statements calling remarks January 16 by President Biden at the National Action Network’s Annual Martin Luther King Day Breakfast that auto insurers base premiums on race as false. According to the published remarks posted on the White House […]
Conning Report Says Auto Insurance Ripe for Disruption as Vehicle Manufacturers Enter Business
Investment management company sees opportunities for manufacturers in $179 billion personal auto insurance market. Conning, the investment management firm serving the insurance industry, says in a new report that embedded insurance, through which insurance products are distributed by non-insurance brands, could make significant inroads into both personal lines and small commercial insurance business, exceeding $70 […]
Americans Will Pay 16% More for Auto Insurance by the End of 2023
According to Insurify report, after a 9% increase in 2022, prices are projected to rise another 7% by the end of next year. The average American driver will pay nearly $1,900 for car insurance in 2023, as insurance rates continue to rise across the country. This is according to the Insurify 2022 Auto Insurance Trends […]
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