Collision claims frequency down 8-9 percent compared to 2023. Berkshire Hathaway reported its 2024 earnings on Feb. 22, providing details on its GEICO subsidiary—the third-largest private passenger auto insurer in the U.S. GEICO’s pre-tax underwriting earnings climbed to $7.813 billion in 2024, up $4.178 billion, or 114.9 percent, from $3.635 billion in 2023. The improvement […]
Mitchell Reports Collision Claims Increased by More Than 30% for BEVs Last Year
Average severity plateaued and total losses increased. Mitchell, an Enlyte company, announced the latest release of its Plugged-In: EV Collision Insights report. This edition features an overview of the most notable annual trends in battery electric vehicle (BEV), mild hybrid electric vehicle (MHEV) and plug-in hybrid electric vehicle (PHEV) collision claims. Following a second year […]
Wall Street Journal Article on Rising Cost of Collision Repair Features ASA Leaders
ASA Board Chairman Scott Benavidez and Incoming Chair Dan Stander provided insight on the causes behind the rising costs of collision repairs in a November 7 article in the Wall Street Journal. Benavidez, owner of Mr. B’s Paint and Body Shop in Albuquerque, N.M. and Stander, owner of FIX Auto Highlands Ranch in Littleton, Colo., […]
CCC Reports Total Cost of Repair Up 3.7% in First Half of 2024
Third quarter Crash Course report explores trends impacting auto claims and collision repair. CCC Intelligent Solutions Inc. (NASDAQ:CCCS) today published its Crash Course Q3 2024 Report, identifying the key trends that will shape the auto claims and collision repair industry in 2025. The report examines pressing challenges such as the impact of inflation and labor […]
Mitchell Reports Battery Electric Vehicle Collision Claims Continue to Rise Despite Sales Slowdown
Claims frequency for repairable battery electric vehicles has jumped 45% in the U.S. and 39% in Canada year-over-year while increasing more gradually for hybrids. Mitchell, an Enlyte company today published its Q2 2024 Plugged-In: EV Collision Insights report. This edition features the latest U.S. and Canadian claims data on battery electric vehicles (BEVs), mild hybrid […]
GEICO Reports Premiums Written Up 10.7% in Second Quarter
Collision claim frequency was down in range of 6-7% in the quarter, but severity was up. Berkshire Hathaway reported its earnings for the second quarter of 2024 on August 3, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s pre-tax underwriting earnings in the first six months […]
CCC Second Quarter Crash Course Report Examines Growing Impact of Severe Weather Events on Auto Insurance and Collision Repair
CCC Intelligent Solutions Inc. (NASDAQ: CCCS) today published its Crash Course Q2 2024 Report. This edition examines how severe weather events, particularly hurricanes and convective storms, are impacting the auto insurance and collision repair industries, and provides updates on data, insights, and trends impacting auto claims and repairs. The report is based on information derived […]
LexisNexis Report Highlights Generational Risks in Drivers and Vehicles that Contribute to Higher Claim Frequencies
LexisNexis Risk Solutions released its 2024 U.S Auto Insurance Trends Report, which aggregates annual market data about consumer driving patterns, auto insurance shopping trends, claim frequency and severity, and consumer responses to rate increases to help insurance carriers better understand the evolving trends impacting the U.S. auto insurance industry. Key takeaways Risky driving behavior rises […]
Mitchell Reports EV Total Losses Increasing as Prices Decline
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 […]
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