New policy growth, or the rate at which consumers either switched or purchased new coverage, continues to be a big story, according to LexisNexis.
Tag: auto insurance rates
Nation’s Biggest Car Insurers Raising Rates Again
Two of the nation’s biggest car insurers say inflation continues to hurt their auto-insurance businesses, and are pushing ahead with additional premium-rate increases for vehicle owners.
Washington Judge Overturned Insurance Rate Credit Scoring Ban
Last month a jduge overturned a Washington state rule prohibiting insurers from using credit scoring to set rates for auto, homeowner and renter insurance. Insurance Commissioner Mike Kreidler adopted the rule in February, immediately drawing a legal challenge from insurer groups. The rule, which was set to take effect March 4, was paused while the… Continue reading Washington Judge Overturned Insurance Rate Credit Scoring Ban
Auto Insurance Rate Hikes Erode Price Satisfaction, Drive Surge in Value Shopping
Auto insurers are caught between a rock and a hard place. On one side: runaway demand in used vehicles that drove prices up an average of 41% in 2021, pushing vehicle replacement and repair costs into uncharted territory. On the other: frustrated customers, disillusioned by the rate increases insurers have introduced to confront these rising… Continue reading Auto Insurance Rate Hikes Erode Price Satisfaction, Drive Surge in Value Shopping
Allstate to Increase Size of Automatic Rate Hikes in 2022
Allstate announced another increase in auto insurance rates due to continued increases in physical damage and injury severity. According to a statement issued on April 21 by the personal property insurer, unfavorable re-estimates of prior-year non-catastrophic reserves in the first quarter were approximately $160 million, reflecting the impact of “rapidly increasing costs of losses since… Continue reading Allstate to Increase Size of Automatic Rate Hikes in 2022