The latest report on the U.S. private passenger auto insurance market from the NAIC details the top 10 insurers in each state in 2022 as well as the size of each market overall. Data from the National Association of Insurance Commissioners (NAIC) provides a detailed view on the size and scope of the private passenger […]
U.S. Auto Insurer Profit Recovery Slow to Materialize
Fitch Ratings says publicly-traded auto insurers continue to report underwriting losses even with higher rates. According to a report by Fitch Ratings, most publicly-traded U.S. personal auto insurers continued to report underwriting losses in the first half of 2023 despite sharper improvement in premium rates. The first half of 2023 was marked by continued unfavorable […]
U.S. Auto Body Repair Prices Up Over 5% in July Compared to Last Year
Prices were also up on a month-over-month basis. The most recent government figures on inflation through July show the rate of growth of auto body repair prices continues to be above the rate of general inflation for the 25th month in a row, but the year-over-year (YoY) rate of increase continues to decline compared to […]
North Carolina Insurance Commissioner Causey Negotiates Settlement on Auto Insurance Rates
Settlement will save drivers $1.6 billion over the next two years. Insurance Commissioner Mike Causey announced a settlement with the N.C. Rate Bureau on automobile insurance rates. The settlement is about two-thirds less than the insurance companies had requested. On February 1 the Rate Bureau requested an overall average statewide increase in of 28.4 % […]
Car Insurance Rates Up 17% in the First Half of 2023
Another 4% increase projected before the end of the year. The average annual cost of a car insurance policy surged $240 to $1,668 in the first six months of 2023, up from $1,428 in 2022. Prices will increase another 4% before the end of the year, according to Insurify’s latest auto insurance report. The report […]
Allstate Announces Auto Rate Increases of Over 11% in 12 Markets
National General brand auto rates also increasing. Announces $1 billion in catastrophe losses for June. The Allstate Corporation (NYSE: ALL) yesterday announced that during the month of June, the Allstate brand implemented auto rate increases of 11.6% across 12 locations, resulting in total brand premium impact of 2.6%. In addition, Allstate reported National General brand […]
Allstate Announces April Implemented Auto Rate Increases of 9.3% Across 15 Locations
Rate increases since the beginning of the year expected to raise written premiums by $1.28 billion. The Allstate Corporation (NYSE: ALL) announced that during the month of May, the Allstate brand implemented auto rate increases were of 9.3% across 15 locations, resulting in total brand premium impact of 1.6%. “Allstate continued to implement significant auto […]
Allstate Announces April Implemented Auto Rate Increases of 8.6% in 13 Locations
Rate increases since the beginning of the year expected to raise written premiums by $862 million. The Allstate Corporation (NYSE: ALL) announced that during the month of April, the Allstate brand implemented auto rate increases were 8.6% across 13 locations, resulting in total brand premium impact of 1.6%. “Allstate continued to implement significant auto insurance […]
Allstate Reports Auto Rate Increases of 7.6% in 10 Markets During March
The Allstate Corporation (NYSE: ALL) announced its catastrophe losses, implemented auto insurance rate increases and reserve reestimates for March and first quarter 2023. Allstate was the fourth largest private passenger auto insurance company in 2022 based upon direct premiums written. Estimated catastrophe losses for the month of March of $1.17 billion or $927 million, after-tax. […]
Consumer Group Concerned California Insurance Commissioner Approved Over $1 Billion in Auto Insurance Rate Hikes
Consumer Watchdog says Insurance Commissioner Lara’s approval last week of a $263.7 million rate hike by California’s largest insurer, State Farm, marks the latest in a flurry of approvals of unjustified 2023 auto insurance rate hikes by the top 6 auto insurers, collectively totaling over $1 billion. These companies insure approximately 48% of the state’s […]
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