Fitch Ratings says premium increases and moderating claims severity benefiting auto insurance companies. The improving, more favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025, Fitch Ratings says. Several rounds of material price increases and a moderation of claims severity trends has vastly […]
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 […]
Progressive Reports Personal Auto Policies in Force Up Nearly 10% in June
Premiums written up 22% in the second quarter year-over-year. The Progressive Corporation (NYSE: PGR) reported its total personal auto insurance policies in force were 21,541,600 in June, an increase of over 1.8 million or 9.6% from 19,658,300 in June 2023. June’s policies in force represent an increase of 290,000 or 1.4% from 21,252,100 in May. […]
U.S. Property and Casualty Insurers Projected to Have $21.1 Billion in Underwriting Losses Last Year
Verisk & APCIA estimate shows the industry facing continued challenges from natural catastrophe events, inflation. Verisk (NASDAQ: VRSK), the global data analytics and technology provider, and The American Property Casualty Insurance Association (APCIA), a national trade association for home, auto, and business insurers, today remarked on full-year 2023 losses for the insurance industry, which they […]
GEICO Reports Premiums Written Up 7.3% in First Quarter
Collision claim frequency was down in range of 4-5% in the quarter, but severity was up 4-6%. Berkshire Hathaway reported its earnings for the first quarter of 2024 on May 4, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s premiums written were $10.796 billion in the […]
Progressive Personal Auto Policies in Force Up Over 6% in March Compared to 2023
Total personal auto policies in force were also up month-over-month. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 20,448,300 in March, an increase of over 1.2 million or 6.7% from 19,168,400 in March 2023. March’s policies in force represent an increase of 445,000 or 2.2% from 20,003,200 in February. […]
GEICO Reports Underwriting Profit of $3.6 Billion
Loss ratio was 81% in 2023, down 12.1 percentage points from the previous year when the company reported a $1.88 billion pre-tax underwriting loss. Berkshire Hathaway reported its 2023 earnings on February 24, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s pre-tax underwriting earnings in […]
Progressive Personal Auto Policies in Force Up Over 9% in December Compared to 2022
Total personal auto policies in force were also up month-over-month. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,525,900 in December, up 84,000 or 0.4% from 19,441,900 in November. December’s policies in force represent an increase of over 1.6 million or 9.1% from 17,897,300 in December 2022. While up […]
Australia Motor Insurance Industry Projected to Surpass $23 Billion by 2028
Premiums were up 10% in 2023 due to repair cost inflation, reinsurance costs. The Australian motor insurance industry is projected to grow at a compound annual growth rate (CAGR) of 9.9% from AUD24.1 billion ($16.7 billion) in 2024 to AUD35.1 billion ($23.9 billion) in 2028, in terms of direct written premiums (DWP), according to GlobalData, […]
Auto Insurer Prospects Improving Amid Price Hikes and Moderating Loss Severity
Fitch Ratings finds improvements vary widely across companies as many still report underwriting losses. The U.S. personal auto insurer segment is seeing larger pricing actions take effect, with moderating claims severity setting the stage for segment improvement in 2024, based on personal auto segment public filings for the first nine months of 2023, Fitch Ratings […]