The nation’s largest auto insurers, already struggling with high inflation and mounting accidents, are now facing losses from vehicles flooded by Hurricane Ian. Allstate Corp. announced Wednesday that it would take a $875 million charge to boost its claims reserves in its upcoming third-quarter earnings, primarily related to its auto-insurance business, as a result of… Continue reading Inflation Pressures, Mounting Accidents, Flooding From Ian Hit Allstate, Other Insurers
Tag: auto insurance
Inflation, Distraction Driving, Legal System Abuse Impacting Auto Insurance Market
According to the Insurance Information Institute, the U.S. personal auto insurance market is being hit hard in this inflationary environment, with sharp deteriorations in combined and loss ratios expected to continue for the foreseeable future (Triple-I). In its recently updated 2022 Trends and Insights: Personal Auto Insurance Rates, the Triple-I noted that the combined ratio… Continue reading Inflation, Distraction Driving, Legal System Abuse Impacting Auto Insurance Market
Insurance Agents to CA Commissioner Lara: Lift Auto Rate Moratorium
Every day, insurance agents work directly with California consumers, many of whom are struggling financially. They are uniquely placed to discuss the current state of the industry as well as the impact of Insurance Commissioner Lara’s decisions on California consumers. Consumers are now complaining to agents, and they are forcing them to act. Commissioner Lara’s… Continue reading Insurance Agents to CA Commissioner Lara: Lift Auto Rate Moratorium
High Auto Insurance Premiums Hurting Product Bundling
The future of the home and auto insurance bundle, once a mainstay of property and casualty (P&C) insurance customer retention and lifetime value strategies, is in doubt as legions of customers begin to split their policies. Rapidly rising auto insurance premiums, according to the J.D. Power 2022 U.S. Home Insurance StudySM, are largely to blame… Continue reading High Auto Insurance Premiums Hurting Product Bundling
iPhone14 Auto Crash Detection Put to the Test
Crash Detection is one of the most notable new features of the iPhone 14 lineup and the new Apple Watch models. This feature detects when you’ve been in a car accident and uses Emergency SOS to notify first responders and your emergency contacts. A new video released today puts the iPhone 14’s Crash Detection through… Continue reading iPhone14 Auto Crash Detection Put to the Test
NICB Report: Vehicle Thefts Continue to Skyrocket in Many Areas of U.S.
According to the National Insurance Crime Bureau’s (NICB) Hot Spots Report, vehicle thefts continue to skyrocket in many areas of the U.S. Nationwide, 932,329 vehicles were reported stolen to law enforcement in 2021, a 6% increase over 2020, and a 17% increase since 2019. Colorado led the nation in 2021 with the highest overall theft… Continue reading NICB Report: Vehicle Thefts Continue to Skyrocket in Many Areas of U.S.
U.S. Traffic Deaths Jumped About 7% in the First Three Months of 2022
According to a preliminary estimate released on Wednesday, traffic deaths in the United States increased by about 7% in the first three months of 2022 to 9,560, the highest first-quarter number since 2002. The National Highway Traffic Safety Administration (NHTSA) says traffic deaths have increased since the COVID-19 pandemic began. In 2021, traffic deaths in… Continue reading U.S. Traffic Deaths Jumped About 7% in the First Three Months of 2022
NJ Gov Signs Car Insurance Law to Raise Minimum Liability Limits, Will Impact 1.1 Million Drivers
More than 1 million New Jersey drivers will most likely pay more for car insurance after Gov. Phil Murphy signed a contentious bill into law on Friday. The legislation will raise the minimum amount of liability insurance in the Garden State from $15,000 to $25,000 beginning in 2023, and to $35,000 beginning in 2026. According… Continue reading NJ Gov Signs Car Insurance Law to Raise Minimum Liability Limits, Will Impact 1.1 Million Drivers
Washington Judge Overturns Insurance Rate Credit Scoring Ban
A judge on Friday overturned a Washington state rule prohibiting insurers from using credit scoring to set rates for auto, homeowner and renter insurance. Insurance Commissioner Mike Kreidler adopted the rule in February, immediately drawing a legal challenge from insurer groups. The rule, which was set to take effect March 4, was paused while the… Continue reading Washington Judge Overturns Insurance Rate Credit Scoring Ban
Inflation Likely to Force Homeowners & Auto Insurance to Increase
There doesn’t appear to be any good news about inflation on the horizon for consumers. When they receive their homeowner and auto insurance renewal contracts this year, they will most likely discover that their rates have increased significantly. Rates vary by location, making it difficult to predict how much they will rise. Analysts predict that… Continue reading Inflation Likely to Force Homeowners & Auto Insurance to Increase