Several insurers have taken in more than 27,000 claims related to mid-March severe convective storms across the middle of the country, from Texas to Ohio.
Tag: auto insurance
Auto Insurance Spike Hampers the Inflation Fight
Job growth, wage growth and business growth are all lively, and inflation has steeply fallen from its 2022 highs. But consumer sentiment, while improving, is still sour. One reason may be sticker shock from some highly visible prices — even as overall inflation has calmed. The cost of car insurance is a key example.
The High Cost of Car Insurance for Both Drivers and Insurers
You may have noticed that insuring your car has gotten insanely expensive. It isn’t just happening in the U.S., and it isn’t all about used-car prices either.
Insurers Rake in Profits as Customers Pay Soaring Premiums
The pain for home- and auto-insurance customers is quickly becoming investors’ gain. Insurance giants’ shares and profits are hitting records, thanks in part to steep rate hikes.
Largest U.S. Private Auto Insurers Boost Rates by Double Digits in 2023
The U.S. private auto insurance hard market solidified even more in 2023 as each of the 10 largest underwriters raised their premium rates by double digits, compounding substantial hikes in 2022, according to S&P Global Market Intelligence’s RateWatch application.
The Crisis Facing Buyers of Home and Auto Insurance
For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.
Bills to Eliminate No-Fault Auto Coverage in Florida Teed Up Again
Bills seeking to repeal Florida’s no-fault automobile insurance system and its requirement that motorists carry $10,000 in personal-injury protection coverage have been filed again in the state legislature.
Allstate Implementing Double-Digit Rate Hikes in California, New York and New Jersey
Allstate Corp. annualized written premiums should rise about $1 billion on strong double-digit auto rate increases approved by regulators in California, New York and New Jersey, according to Chief Financial Officer Jess Merten.
Why Strong Carrier Partners Are a Must in a Hard Market
The hard insurance market for many product lines continued throughout 2023, with rate pressure, underwriting scrutiny, and capacity restrictions expected into 2024. A strong partnership with your carriers is essential for agents to navigate this hard market, help clients get the insurance protection they need, retain business, and gain new customers.
14 Percent of U.S. Drivers Were Uninsured in 2022, IRC Estimates
About one in seven U.S. drivers (14.0 percent) operated a private- passenger vehicle without liability insurance in 2022, according to an estimate contained in a new report released today by the Insurance Research Council (IRC).