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.
Tag: auto insurance
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).
Average Commercial Lines Renewal Rates Remain Up Month Over Month
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. All major commercial lines premium renewal rates were higher month over month.
Insurance Markets are Facing Strong Challenges; Strong Leadership Is Needed to Overcome: APCIA
Robert Gordon, senior vice president of policy, research and international testified today before the House Financial Services Committee’s Subcommittee on Housing and Insurance.
Automakers Look to Boost Customer Experience with Insurance
Some original equipment manufacturers (OEMs) are offering auto insurance as a way to extend their relationships with vehicle owners and improve the overall customer experience.
Kemper Nonrenewing 67,900 Personal Auto, Homeowners Policies in California
Four Kemper Corp. subsidiaries have notified California regulators they plan to exit 67,900 personal private-passenger automobile or homeowners insurance policies.
Michigan Senate Passes No-Fault Auto Reforms
The Michigan state senate has passed a package of bills that would modify four-year-old reforms to the state’s no-fault automobile insurance law.
Progressive’s Q3 Earnings Beat Estimates, Premiums Rise Y/Y
The Progressive Corporation’s third-quarter 2023 earnings per share of $2.09 beat the Zacks Consensus Estimate of $1.71. The bottom line improved more than fourfold year over year.
Commercial Renewal Rates Up Month Over Month
The third quarter results of 2023 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Q3 experienced an increase in average premium renewal rate change across all major commercial lines.
U.S. Auto Insurer Claim Payouts Soar Due to Increasing Inflation
U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study.