Severity declines in first quarter but remains higher than ICE vehicles. Mitchell, an Enlyte company, reported that in the U.S. electric vehicle (EV) total loss rates were 9.93% in the first quarter of 2024 and were 7.48% Canada, an increase of approximately 8% from the fourth quarter of 2023 and 30% the third quarter in […]
Allstate Reports Auto Premiums Earned Up 11% in First Quarter
Reports auto claim frequency declined on mild weather, more than offsetting higher claim costs. The Allstate Corporation (NYSE: ALL) reported total revenues of $15.3 billion in the first quarter of 2024, up 10.7%, or $1.5 billion, compared to the prior year quarter driven by higher average premiums that resulted in a $1.3 billion increase in […]
GEICO Reports Premiums Written Up 7.3% in First Quarter
Collision claim frequency was down in range of 4-5% in the quarter, but severity was up 4-6%. Berkshire Hathaway reported its earnings for the first quarter of 2024 on May 4, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s premiums written were $10.796 billion in the […]
Allstate Reports Customers Using Safe Driving App Have 25% Fewer Severe Collisions
Allstate customers have a choice to opt into the Allstate app’s safe driving features and those who do are safer on the road, according to Allstate and its mobility data and analytics partner Arity. Allstate found customers who choose to use Drivewise are 25% less likely to have a severe collision than those who don’t. […]
CCC Crash Course Report Details Labor Pressure and Vehicle Complexity Impact on Insurance and Collision Repair
The new quarterly report identifies macro trends, business drivers, and technologies impacting consumer driving, vehicle ownership, automotive claims, and collision repair. CCC Intelligent Solutions Inc. (CCC) today published its 2024 Crash Course Report highlighting the latest data, insights, and trends impacting the auto claims and collision repair industries. The report is available to download at […]
Interview: Ryan Mandell, Mitchell
Mandell details Mitchell’s 2023 electric vehicle claims analysis. Mitchell, an Enlyte company, today announced the publication of its latest trends report: Plugged-In: EV Collision Insights. This issue provides a year-over-year analysis of electric vehicle (EV) claims volume, which increased in 2023 by more than 40% in the U.S. and Canada. According to the report, claims […]
GEICO Reports Underwriting Profit of $3.6 Billion
Loss ratio was 81% in 2023, down 12.1 percentage points from the previous year when the company reported a $1.88 billion pre-tax underwriting loss. Berkshire Hathaway reported its 2023 earnings on February 24, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s pre-tax underwriting earnings in […]
Collision Claims and Losses in Third Quarter Down Compared to 2022
Quarterly claims were down for the second quarter in a row. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that the post-pandemic rebound in claims is over as claims on a quarterly basis were down for two consecutive quarters compared to the previous year. Losses were also […]
Mitchell EV Collision Repair Insights Report Shows Lower Total Loss Rate than ICE Vehicles
EVs make up almost 2% of repairable claims in U.S., over 3% in Canada. Mitchell released its latest trends report: Plugged-In: EV Collision Insights. This quarter’s report examines total loss frequency for electric and ICE automobiles. In the U.S. and Canada from Q1 to Q3 2023, the EV total loss rate was 7.25% for models […]
GEICO Reports Collision Claims Severity 5-7% Higher in First Nine Months of 2023 Compared to Last Year
Frequency was down, but severity up year-to-date through third quarter. Policies in force down over 12% as company reduces advertising and focuses on profitability. Berkshire Hathaway reported its third quarter earnings, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. on November 4. GEICO’s pre-tax underwriting earnings in […]
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