Due to the growing demand for electric vehicles, particularly in California, Mercury Insurance (NYSE: MCY) has compiled a list of the most affordable new EVs to insure, which will arm consumers with valuable knowledge when they go to shop for an EV. Factors contributing to insurance costs include claims on similar vehicles, cost to repair […]
Five of the Top 10 U.S. Auto Insurers Grew Market Share in 2023
Auto insurance premiums earned up over 12% last year. Total direct premiums earned on private passenger auto insurance were $303.5 billion in the U.S. in 2023, up 12.3% from 270.3 billion in 2022 according to data released March 18 by the National Association of Insurance Commissioners (NAIC). In comparison, during 2022, earned premiums were up […]
GEICO Offering Discount for New Personal Auto Policies
S&P Global Market Intelligence reported that GEICO has recently begun submitting personal auto rate filings in several states that offer a “Welcome Factor” discount to new customers. The plan offers a temporary discount that applies to new policyholders and would be phased out in each subsequent renewal period. The discount first appeared in its Virginia […]
Pennsylvania Insurance Department Blocked Over $64 Million Of Personal Auto Premium Increases Last Year
The Pennsylvania Insurance Department (PID) announced February 15 that the Department blocked $64.3 million of personal auto premium increases from being implemented in Pennsylvania through its rate review processes in 2023. According to the department, it has received a large volume of requests for rate increases in recent years, which the Department attributes largely to […]
Insurify Predicts Car Insurance Costs to Increase 7% to $2,160 in 2024
After a year of rate hikes in 2023, car insurance prices will continue to increase well into 2024 but at a slower pace than last year, according to Insurify’s latest Insuring the American Driver report. Data sourced directly from Insurify, America’s top-rated insurance comparison platform, showed the average cost for a full-coverage car insurance policy […]
China Motor Insurance Industry Projected to Reach $171.9 Billion by 2028
The motor insurance industry in China is projected to grow at a compound annual growth rate (CAGR) of 4.5% from CNY871.2 billion ($129.1 billion) in 2023 to CNY1.1 trillion ($171.9 billion) in 2028, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company. According to GlobalData’s Insurance Database, China’s […]
Insurance and Collision Repair Organizations to Participate in Nevada Public Forum on Auto Insurance Rates November 1
The Nevada Division of Insurance (Division) has announced that it will be hosting a live webinar panel discussion to address questions and concerns about the rising costs of auto insurance in Nevada. This event will be held virtually on Wednesday, November 1, 2023, from 10:00 AM – 11:30 AM (PDT) and is open to the […]
Top 10 Auto Insurance Companies by State in 2022
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 […]
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