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.
Tag: auto insurance
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.
The Fight for Price: Middle-Market Risks Shop Their Insurance Programs
Ballooning reinsurance costs, weather events resulting in claims and heightened property values are all contributing factors to rising property insurance premiums.
4 Reasons Why Car Insurance Premiums Are Soaring
The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Labor Department Wednesday.
Auto Insurance Shopping Bolstered by Increased Vehicle Sales and Search for Lower Rates
Auto insurance shopping rates were up 12% in Q2 2023, compared to the same time in 2022. While vehicle sales played a role in this increase, the search for lower insurance premiums was the primary driver, as the Consumer Price Index for motor vehicle insurance rose 17% in June 2023, compared to June 2022.
Kemper Announces Exit from Preferred Home and Auto Business
Kemper Corporation announced on Monday that it is exiting the preferred home and auto insurance market, sold through its Kemper Personal Insurance brand, and will actively reduce the business immediately, with all policies being non-renewed or canceled in accordance with applicable state regulations.
Car Insurance Rates Already Up 17% With More Hikes Likely
Insurify’s Mid-Year Auto Insurance Trends Report reveals inflation, climate catastrophes, and state regulations contribute to rising car insurance rates in 2023.
Car Insurance Rates Are Soaring with Little Relief in Sight
A 40% increase by Allstate in Georgia, a 32% rise sought by Nationwide Mutual Insurance in California, an 11% bump by State Farm in New York. Insurers are imposing steep increases on auto insurance rates,
Auto Insurance: The Uncertain Road Ahead
A new study “Auto Insurance: The Uncertain Road Ahead” released today by the American Property Casualty Insurance Association (APCIA), reveals that insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance premiums.