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 […]
Collision Claims in Second Quarter Down Compared to 2022
While claims in the second quarter were down versus last year, losses were up. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that the post-pandemic rebound in claims stalled in the second quarter of 2023, but losses continued to grow to record levels. Collision coverage claims for […]
State Farm Reports 1.8 Million Animal Collisions in 12 Months to June 30
November is still the most dangerous month with an industry-estimated 297,000 collisions. New data released from State Farm pegs the odds of U.S. drivers hitting an animal at 1 in 127 this year. Drivers in West Virginia held on to the number one spot with the least favorable odds at 1 in 38. Montana (1 […]
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