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 […]
GEICO Reports Collision Claims Severity 7-9% Higher in First Half of 2023 Compared to Last Year
Frequency was down for first half. Policies in force down 14.4% as company reduces advertising and focuses on profitability. Berkshire Hathaway reported its second quarter earnings, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. on August 5. GEICO’s pre-tax underwriting earnings in the first six months of […]
Collision Claims in First Quarter Up Compared to 2022
Claims in the first quarter of 2023 were up over 1% versus the same quarter in 2022. Losses were up over 41% compared to 2019. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that the post-pandemic rebound in claims restarted in the first quarter of 2023 and […]
Collision Claims in Fourth Quarter Slightly Down Compared to 2021
Claims in the fourth quarter of 2022 declined less than 1% versus the same quarter in 2021. Losses were up nearly 55% compared to 2019. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that the rebound in claims stalled during the fourth quarter of 2022 compared to […]
Mitchell Reports US and Canada See First Quarter Increase in Repairable EV Claims Frequency
EVs have higher than average vehicle repair costs and cycle time. Mitchell, an Enlyte company, today reported that electric vehicle (EV) repairable claims frequency increased in Q1 2023 to 1.13% in the US and 2.41% in Canada. The data was featured in the company’s latest Plugged-In: EV Collision Insights publication, which provides up-to-date EV claims […]
Berkshire Hathaway Reports GEICO Collision Claims Severity 14-16% Higher in 2022 Compared to Previous Year
Collision claim frequency was also up last year as company reports auto insurance underwriting loss. Berkshire Hathaway reported its 2022 earnings, including details about its GEICO subsidiary, the second largest private passenger auto insurer in the U.S. on February 25. The company reported claims frequencies in 2022 were higher for all coverages, including property damage […]
Collision Claims Were Up Just Over 1% in Third Quarter Compared to 2021
Claims in the third quarter of 2022 remain below pre-pandemic levels. Losses were up 38% compared to 2019. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that claims and losses in the third quarter of 2022 continued to rebound, but comparisons to pre-pandemic levels declined. Losses, however, […]
Allstate Projects Auto Insurance Rate Increases Will Raise Written Premiums Nearly 17%
Auto claims frequency continues to increase but remains below 2019 levels. The Allstate Corporation (NYSE: ALL) announced preliminary results for the fourth quarter of 2022, with an estimated net loss between $285 million and $335 million and estimated adjusted net loss between $335 million and $385 million. Premiums written increased 11.4% from fourth quarter of […]
Urban Office Occupancy Remains Significantly Below Pre-Pandemic Levels
More than two years after the pandemic impacted office and commuter traffic, hybrid work and lower commuting volumes appear to be here to stay. Tuesdays and Wednesdays lead the way for the return-to-office. On average, office occupancy continues to hover around 47%, according to Kastle Systems’s 10-city Back to Work Barometer – this week at […]
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