The U.S. personal insurance sector is positioned for improving underwriting performance in 2024 amid signs that the previous surge in claims severity from higher inflation and supply chain shortages has subsided, combined with rapid written premium growth from large rate increases, Fitch Ratings says.
Tag: personal auto
Inflation, High Catastrophe Losses to Lead to 2023 Underwriting Loss for P&C Industry
The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4. Poor personal lines underwriting performance is the key driver in both years, with personal auto forecast at 109.5 in 2023, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
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.
Tesla’s Use of Individual Driver Data for Insurance ‘State-by-State Proposition’
Tesla Inc’s use of individual customer data, such as vehicle camera footage and GPS, to price its new insurance products will depend on drivers’ authorization and individual U.S. state laws, a senior company executive said on Wednesday. Tesla Inc’s use of individual customer data, such as vehicle camera footage and GPS, to price its new… Continue reading Tesla’s Use of Individual Driver Data for Insurance ‘State-by-State Proposition’