Third quarter claims remain over 4% below 2019 level. Losses up over 25% 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 continued to rebound from the impact of the coronavirus on summer travel in 2020. Collision […]
Interview: Susanna Gotsch, CCC Intelligent Solutions, Details Collision Repair Claims Trends
Gotsch discusses data on 2021 claims and the factors influencing collision repair and insurance claims markets into next year. Average cost per part running 8% higher in 2021. Labor rate growth hasn’t accelerated in 2021, but is expected higher in 2022 in wake of labor shortage. In our video interview, Susanna Gotsch, Senior Director, Industry […]
National Association of Mutual Insurance Companies Details Factors Driving Higher Auto Insurance Costs
Cites factors such as driving behavior, modern vehicle costs outside insurance industry’s control. Says repair complexity means days of the “shade tree mechanic” and collision repair facility that can fix anything are waning. The National Association of Mutual Insurance Companies (NAMIC) on December 14 released its analysis Cost Drivers: How Riskier Roads, Rising Repairs, and […]
Collision Claims Up Over 46% in Second Quarter Compared to Pandemic Impacted Quarter Last Year
Second quarter last year had been down nearly 36%. Quarter remains below 2019 level. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that claims and losses in the second quarter continued to rebound from the historic impact from the coronavirus lockdowns last year. Collision coverage claims for […]
LexisNexis Analysis Shows Advanced Driver Assistance Systems Are Reducing Loss Costs
Report shows lower auto claims frequency and loss costs on ADAS equipped vehicles. LexisNexis Risk Solutions announced a new analysis of the relationship between Advanced Driver Assistance Systems (ADAS) features and U.S. auto insurance claims, which counters common insurance industry sentiment that ADAS repair costs offset ADAS loss cost benefits. The results are featured in […]
Allstate Says Supply Chain Disruptions Impacting Auto Insurance Collision Repair and Total Loss Costs in Third Quarter
Insurer reports auto frequency above last year, but below pre-pandemic levels. Severity up on higher repair costs and used vehicle price increases. The Allstate Corporation (NYSE: ALL) today reported total revenues of $12.5 billion in the third quarter of 2021 increased 16.9% compared to the prior year quarter, reflecting higher earned premiums from National General, […]
White Paper Highlights Significant Increases in Costs Impacting Auto Insurance
Insurance association warns that higher auto loss severity and rising claims frequency pushing costs up to levels not seen since 2017. Rising auto accident frequency and severity in the U.S. auto insurance market, combined with the challenges of balancing supply and demand for vehicles and vehicle parts following COVID-19, are resulting in increased claims costs […]
State Farm Reports Average Auto Hail Damage Claim $4,300 in 2020
Severe weather resulted in more than 332,000 hail claims paid by State Farm in 2020. While fewer claims than 2019, the amount paid on property and auto damage increased totaling more than $3.1 billion. Total Hail Claims Paid | Home & Auto Texas $474.6M Illinois $394.2M Minnesota $259.2M Missouri $236.9M Colorado $207.9M The average homeowner […]
Interview: Susanna Gotsch, CCC Information Services
In our video interview, Gotsch details November and December claims trends and projections for 2021. While the collision industry was beginning to recover from the government mandated business shutdowns and stay-at-home orders that decimated traffic volume in the spring, the resurgence of the coronavirus in the fall and winter months is causing concern the recovery […]
NSC Estimates U.S. Saw a 20% Jump in Motor Vehicle Death Rates in First Six Months of 2020 Despite Quarantines
Preliminary estimates from the National Safety Council (NSC) based on the first six months of data from all 50 states tell an erratic story about the nation’s driving behaviors and the impact of COVID-19 on roadway safety. The U.S. experienced an estimated 20% jump in the death rate – an indicator of how safely drivers […]
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