Company says it is already the second largest insurer of Teslas in Texas, one of its first auto insurance markets. During its quarterly earnings conference call with investors Wednesday, Tesla, Inc (NASDAQ:TSLA) announced that it expanded its “real-time” auto insurance offering into three additional states earlier this week. In response to a question asking for […]
Top 10 U.S. Auto Insurers Had Over 75% Market Share in 2021
NAIC reports auto insurance premiums earned up over 3% in 2021. Total direct premiums earned on private passenger auto insurance were $257.7 billion in the U.S. in 2021, up over $7 billion, or 3.1% from $250 billion in 2020 according to final data released March 28 by the National Association of Insurance Commissioners (NAIC). The […]
Tesla Expands Auto Insurance Offering to Arizona and Ohio
In an update on its website, Tesla announced the availability of its auto insurance product in Arizona and Ohio. The move brings the total number of states where Tesla owners can buy the vehicle manufacturer’s insurance product to five. Ohio is the 10th largest auto physical damage insurance market in the U.S. and Arizona is […]
Most Profitable States for Auto Insurers in 2020
While the pandemic caused an upheaval in the auto physical damage insurance market and carriers rebated premiums, many states were more profitable for insurers during 2020 than before the pandemic. The latest data from the National Association of Insurance Commissioners (NAIC) illustrates how the first year impacted by the COVID-19 pandemic increased profits for private […]
Tesla Expands Auto Insurance Offering to Illinois
In an update on its website, Tesla announced the availability of its insurance product in Illinois, the third state for the vehicle manufacturer. The vehicle manufacturer launched its auto insurance product in California in 2019 and later expanded to Texas. According to the Tesla website, ” Tesla Insurance is a competitively priced insurance product, offering […]
Toyota Auto Insurance Launches in Five States
Underwritten by Farmers Insurance affiliate, the program is the first branded product from vehicle manufacturer’s exclusive insurance agency. Plans expansion into four additional states. Toyota Insurance Management Solutions (TIMS) has established its first branded product, Toyota Auto Insurance, designed to offer customers quality, customizable coverage at affordable rates. Toyota Auto Insurance is currently available in […]
Lemonade To Acquire Auto Insurer Metromile
Lemonade (NYSE:LMND) announced an agreement to acquire Metromile (NASDAQ: MILE, MILEW), the data science company focused on auto insurance, in an all-stock transaction that implies a fully diluted equity value of approximately $500 million, or just over $200 million net of cash. Under the terms of the transaction, Metromile shareholders will receive Lemonade common shares […]
Report Says Car and Truck Insurers Confront Rapidly Rising Claims Costs
S&P Global Market Intelligence’s annual U.S. Auto Insurance Market Report projects combined ratio at 4-year high in 2021. Sharply higher costs to repair and replace vehicles will cause insurance companies’ underwriting profit margins to narrow significantly, projects S&P Global Market Intelligence’s annual US Auto Insurance Market Report. Published by S&P Global Market Intelligence’s Financial Institutions […]
NJ-Based CURE Auto Insurance Launches in Michigan
CURE auto insurance, a not-for-profit car insurer doing business in New Jersey and Pennsylvania, announced it was granted a license to expand into Michigan starting July 2, when the latest no-fault reforms take effect. CURE announced its studies project a savings of up to 50% from Michiganders current rates. Most notably, CURE refuses to use […]
Florida Governor Vetoes No-Fault Auto Insurance Repeal
Florida Gov. Ron DeSantis has vetoed legislation that would have ended Florida’s system of no-fault auto insurance, saying the bill (SB 54) would result in “unintended consequences.” Critics of the legislation argued the bill would push up rates for many drivers. “While the PIP system has flaws and Florida law regarding bad faith is deficient […]
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