Motor insurers paid out £2.5 billion ($3.1 billion) in motor claims in the second quarter of this year, up 29% on the £2 billion paid in the same quarter last year according to latest Association of British Insurers (ABI) data published September 5. This was the highest quarterly figure since we started collecting data back […]
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 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 […]
LexisNexis Auto Insurance Trends Report Says Collision Severity Was Up 9% in 2022
LexisNexis Risk Solutions released its 2023 U.S Auto Insurance Trends Report, which aggregates annual market data about driving behaviors, consumer auto insurance shopping, underwriting and claims to help insurance carriers better understand the evolving trends impacting the U.S. auto insurance industry. This year’s report analyzes 2022 data and tracks macro-market conditions such as volatile shopping […]
New Nationwide Agency Forward Survey Shows Dangerous Driving Behavior Drastically Higher than Last Year
Drivers say it’s getting scarier on America’s roadways. Consumers fear drivers are faster, more aggressive, and more reckless compared to 2022. They are right. New research from Nationwide shows dangerous driving behavior has not improved since last year. In fact, it has reached alarming highs. The younger the driver, the scarier the driving behaviors Nationwide’s […]
CCC 2023 Crash Course Report Shows Increasing Labor Rates, Parts Prices and Collision Repair Complexity
Report identifies macro trends, business drivers, and technologies reshaping consumer driving, vehicle ownership, automotive claims, and collision repair. CCC Intelligent Solutions Inc. announced the availability of its annual Crash Course report, which identifies trends impacting the P&C insurance economy. The report delivers insights on the convergence of economic, social, and technological shifts that are reshaping […]
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 […]
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