Driver assistance systems are decreasing the number of accidents, but the complex technology increases the costs and time to repair a car—making agents’ communications with clients all the more important.
Risky driving patterns continue to rise with instances of speeding, driving under the influence and distracted driving all increasing in 2023, according to LexisNexis.
The Trusted Choice® survey revealed that while most U.S. insurance consumers don’t fully understand the policies they have purchased, 86% believe they do.
The ‘90s have officially achieved classic status.
The increase in auto insurance shopping is prompted by soaring auto insurance costs, with a 22.2% year-over-year increase in the average cost of auto insurance through the end of February.
The latest driving behavior survey from Nationwide revealed that both personal auto and commercial drivers partake in risky behaviors that impact all drivers on the road.
In addition to $65 billion in CAT losses, AM Best analysts also said both economic and social inflation played large roles in property & casualty losses.
As auto insurance shopping rates rose during the fourth quarter of 2023, carrier retention rates dropped.
It’s the biggest jump since 1976 and the 16th consecutive month of annual gains exceeding 10%, according to the Bureau of Labor Statistics.
The outlook for the U.S. property & casualty insurance industry is more favorable than 2023, with expected strong premium growth and easing inflation pressures, according to Swiss Re.
