State Farm, for decades the top dog of U.S. auto insurance, is on track to lose that status within just a few years unless trends favoring online insurers abate. After business losses following a series of uncharacteristically sharp rate hikes in 2016 and 2017, the 17 percent national market share the Bloomington-based giant held in… Continue reading State Farm on Pace to Lose Car-Insurance Crown to Geico
Tag: auto insurance
AI-Powered Auto Insurance Provider Clearcover Raises $50M Series C
Clearcover, a digital car insurance provider, has raised $50 million in a Series C round led by Omers Ventures. The raise comes just under one year after the Chicago-based, three-year-old startup closed a $43 million Series B, and brings its total raised to $104.5 million. Existing backers American Family Ventures, Cox Enterprises and IA Capital… Continue reading AI-Powered Auto Insurance Provider Clearcover Raises $50M Series C
Uber Selects Liberty Mutual to Cover Drivers in New England, South Carolina and Puerto Rico
Liberty Mutual Insurance will provide coverage for Uber drivers and passengers throughout New England, South Carolina and Puerto Rico as part of the company’s 2020 auto insurance programs, which became effective on Dec. 31, 2019. “We’re pleased to have been selected by industry leader Uber to join its auto insurance programs,” said Liberty Mutual Insurance… Continue reading Uber Selects Liberty Mutual to Cover Drivers in New England, South Carolina and Puerto Rico
California to Toughen Rules on Group Discounts for Car Insurance
California regulators are planning stiffer rules on car insurance sold through occupational, educational and other so-called affinity groups, contending some programs discriminate against low-income people. The state’s insurance department on Monday said it has launched an effort to toughen oversight of group-discount arrangements. The move follows an investigation that found the most-frequent beneficiaries of these… Continue reading California to Toughen Rules on Group Discounts for Car Insurance
U.S. Personal Auto Insurance Underwriting Performance Has Likely Peaked: Fitch
Performance in the U.S. personal auto insurance market continues to run favorably in 2019, on par with underwriting profits achieved in 2018, according to Fitch Ratings. However segment results for the industry are likely unsustainable going forward based on shifting market fundamentals. The industry statutory personal auto combined ratio of 98% in 2018 represented the… Continue reading U.S. Personal Auto Insurance Underwriting Performance Has Likely Peaked: Fitch
Dallas Records Costliest Tornado Loss in Texas History
After the National Weather Service confirmed that a total of nine tornadoes touched down in and around Dallas County, ICT has estimated insured damages at $2 billion dollars. Preliminary projected estimates include over 30,000 auto and home claims. Commercial and business claims projections are still coming in at this time and the financial impact may… Continue reading Dallas Records Costliest Tornado Loss in Texas History
Crash Fatality Data Shows A 2.4% Decline in Deaths in 2018
The U.S. Department of Transportation’s National Highway Traffic Safety Administration today released highway crash fatality data for 2018, showing a 2.4 percent decline in overall fatalities, the second consecutive year of reduced crash fatalities. Under this Administration and Secretary Chao’s leadership, the USDOT has focused on safety as its top priority. “This is encouraging news,… Continue reading Crash Fatality Data Shows A 2.4% Decline in Deaths in 2018
Composite Rate for Personal Lines Insurance Rises to Plus 4.5%
The composite rate for personal lines continued to increase. Rates increased from plus 3.5 percent in the second quarter 2019 to plus 4.5 percent in third quarter. Average rates for homeowners coverage for large homes over $1,000,000 in coverage A value increased the most at plus 6.5 percent. This is a notable increase and is… Continue reading Composite Rate for Personal Lines Insurance Rises to Plus 4.5%
James River Group to Cancel Auto Insurance for Uber Affiliate Rasier
James River Group Holdings Ltd. announced it delivered a notice of early cancellation of all insurance policies issued to Rasier LLC, its largest customer. Rasier is an affiliate of Uber Technologies Inc. James River said the policies will be canceled as of Dec. 31. “This account has not met our expectations for profitability, and we… Continue reading James River Group to Cancel Auto Insurance for Uber Affiliate Rasier
Nationwide Introduces New Digital Insurance Platform with Auto Coverage as Initial Product
For millennials, a smart phone isn’t just about staying in touch. It’s about making life easier because everything can be done in the palm of your hand – shopping whenever you want, booking dinner reservations, searching for jobs and even making friends jealous with the perfect Instagram post. With the demands of busy life, the… Continue reading Nationwide Introduces New Digital Insurance Platform with Auto Coverage as Initial Product