According to the Swiss Re Institute, headline inflation is estimated to decline but stay elevated in 2023, to some extent alleviating upward pressure on claims compared to 2022. However, cost inflation in certain prices, such as labour and healthcare, may remain high.
Tag: auto insurance
Westfield Unveils MissionSafe® Safe Driving Rewards Program
Westfield introduced MissionSafe®, a new safe driving rewards program that gives eligible personal auto insurance customers feedback on their driving.
Insurance Companies Are Refusing to Cover Certain Hyundai and Kia Models
Two of America’s largest auto insurers, are refusing to write policies in certain cities for some older Hyundai and Kia models that have been deemed too easy to steal.
Auto Insurance Companies’ Rising Rates Are No Accident
Auto insurers are scrambling to keep up with rising claim costs.
Car Insurance Companies Leaving California Market
Major auto insurers are withdrawing from the California market, claiming that our drivers are simply too expensive to insure.
AM Best Maintains Negative Outlook on Personal Lines Insurance Segment
AM Best maintains its negative market segment outlook for the U.S. personal lines insurance segment for 2023.
National Personal Auto and Personal Property Premium Rates Decreased in All Canadian Provinces YOY
In Q3 2022, quoted premiums for both Personal Auto lines and Personal Property lines in Canada decreased year over year.
Study: Auto Insurance Prices Up 17% Since 2020
Drivers in the U.S. have been paying about 17% more for car insurance since 2020.
Geico Faces California Class Action Suit for Overcharging for Auto Insurance
A federal judge ruled that a lawsuit against Geico Corp for overcharging for auto insurance during the COVID-19 pandemic may move forward as a class action.
APCIA Publishes Paper on Auto Insurers’ Challenges with Inflation
A new paper from APCIA shows inflation having a significant impact on auto insurance loss ratios, which have risen to their second-highest level in more than 20 years, reaching 78.4 percent in the second quarter of 2022. In the meantime, driving behaviors continue to deteriorate.