With U.S. auto insurance rates up 11.2% on average during the past year—and insurers still losing an average of five cents on every dollar of premium they collect—sky-high premiums do not appear to be leveling off anytime soon.
Tag: auto insurance
Auto-Owners to Sue Michigan Over No-fault Auto Insurance Court Ruling
Auto-Owners Insurance is preparing to sue the state of Michigan over the state’s insistence on the continued enforcement of parts of the 2019 no-fault auto insurance reform to drivers who were injured before the passage of the law.
NC to Have the Highest Basic Auto Insurance Requirements in the Country
Starting in 2025, North Carolina will have the strictest minimum liability coverage requirements in the country.
Auto Insurer Websites and Apps Become Primary Driver of New Customers, Putting Pressure on Digital Experience, J.D. Power Finds
With auto insurance rates higher than ever and more consumers in the market shopping for policies than ever before, digital channels have become a critical component to the overall auto insurance shopping and service experience.
P/C Industry 2023 Underwriting Performance Improved, but Personal Lines Continues to Drag
The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
California Prosecutor Sues USAA Over Alleged Scheme to ‘Lowball’ Offers for Members’ Totaled Cars
An embattled California prosecutor has filed a civil lawsuit against insurance companies USAA and Progressive Corp. alleging that they have carried out a scheme to defraud customers by making “lowball” offers for vehicles totaled in accidents.
New York Insurance Industry Warns Coverage Crisis Could Be Looming
An April report by the New York Civil Justice Institute finds in most cases, the insurances costs in the state are higher than anywhere else in the country.
Allstate CEO: Personal Auto Legal Costs Accelerate Rate Increases
If Allstate Corp.’s customers “quit getting sued every time they have an accident” the company could ease back on some rate increases, according to Chairman, Chief Executive Officer and President Tom Wilson.
Soaring Insurance Costs Hit as U.S. Buyers Get a Break on Car Prices
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.
Progressive’s Profit Beats Expectations on Strong Demand for Insurance Policies
Insurer Progressive Corp reported a better-than expected first-quarter profit on Friday, helped by strong demand for its personal and property insurance policies, sending its shares up 2% in early trading.