Motor vehicle insurance premiums skyrocketed by 20.3% in December from a year earlier, the largest increase since the mid-1970s, the government data showed.
Tag: inflation and auto insurance
Nation’s Biggest Car Insurers Raising Rates Again
Two of the nation’s biggest car insurers say inflation continues to hurt their auto-insurance businesses, and are pushing ahead with additional premium-rate increases for vehicle owners.
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.