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 […]
Interview: Bill Brower, VP of Industry Relations at Solera
Brower details how inflation is impacting severity as parts and labor costs have increased. Examines how auto insurance companies and the collision repair industry globally are responding. The impact of inflation on critical cost drivers for the auto claims and collision repair industries has increased claims severity across the globe. As CollisionWeek has reported, key […]
Collision Claims Were Up Over 8% in Second Quarter Compared to Last Year
Second quarter claims were also within 0.1% of pre-pandemic levels. Losses up over 43% 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 second quarter of 2022 continued to rebound with claims at almost pre-pandemic levels and losses far […]
USAA to Introduce Crash Detection Technology as Claims and Collision Repair Costs Increase
Telematics innovation comes as rising claim volumes and costs seen across the insurance industry. USAA announced it is among the first auto insurance carriers to implement crash detection technology, an innovation that simplifies and expedites the claims process. This technology comes at a critical time as auto accidents have surged past pre-pandemic levels, exacerbating supply […]
Berkshire Hathaway Reports GEICO Collision Claims Severity Up 19-20% in Second Quarter Compared to Last Year
Reports underwriting loss as higher used car prices and shortages of collision repair parts increase severity. Berkshire Hathaway reported its second quarter 2022 earnings, including details about its GEICO subsidiary, the second largest private passenger auto insurer in the U.S. on August 6. GEICO’s pre-tax underwriting loss in the first half of 2022 reflected increased […]
Berkshire Hathaway Reports GEICO Collision Claims Frequency Up 15-16% in First Quarter Compared to Last Year
Reports underwriting loss in quarter as losses and loss adjustment expense were up over 32%. Berkshire Hathaway reported its first quarter 2022 earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company, GEICO premiums written in the first quarter of 2022 were $10.265 billion, an increase […]
State Farm Reports Average Auto Hail Claims $5,000
State Farm reported that the overall number of hail claims and cost in 2021 were lower than 2020. Total Auto and Home insurance claims were $2.5 billion in 2021, down from $3.1 billion in 2020. Auto hail claims totaled $480 million. In 2021, the average homeowner claim totaled more than $12,000, even with last year, […]