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Soaring Insurance Costs Hit as U.S. Buyers Get a Break on Car Prices

Rising auto insurance rates as car prices come down

Car prices have eased as the supply chain snarls of the pandemic–especially shortages of vital computer chips–have untangled and automakers boost inventories on their lots. Meanwhile, factors including rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change is pushing insurance rates higher.

U.S. SCS Activity in April Could Drive Hundreds of Millions or Higher of Insured Losses: Aon

Thunderstorms, derechos disrupting travel

Flooding and severe convective storm (SCS) activity across the central and southern US between April 6th and 11th caused some notable property damage, with total economic and insured losses potentially in the hundreds of millions of dollars or higher, according to insurance and reinsurance broker Aon.

Triple-I: Insurance Economic Drivers Outperforming Overall U.S. GDP

III on insurance economic drivers

The economic drivers of the U.S. property/casualty (P/C) insurance industry are now growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook.

ITRC: Data Breach Notices Nearly Doubled in Q1 2024

Hackers plan to attack banks, insurance companies

The number of publicly reported data compromise events jumped 90% year-over-year in the first quarter of 2024, with the number of organizations falling victim to supply chain attacks nearly tripling, according to recent data from the Identity Theft Resource Center (ITRC).