Auto Claims Consign State Farm to Its Largest-Ever Underwriting Loss
State Farm’s record underwriting loss was due to rapidly increasing claims severity and significant additions to prior accident year incurred claims.
Auto
Does Uninsured Motorist Property Damage Coverage Apply to Unscheduled Trailer?
An insured vehicle is pulling an owned, non-insured trailer. An uninsured motorist ran a stop sign and broadsided the trailer pulled by the insured vehicle.
TikTok Trend Forces Carrier Withdrawals as Hyundai and Kia Step Up Theft Deterrents
The social media trend led to a wave of vehicle thefts and forced two prominent insurance carriers to announce that they will be limiting applications for coverage.
Auto Shopping and Switching at 2-Year High
As 40% of consumers saw their rates increase, carrier ad spending has decreased and telematics adoption has stabilized after an initial surge, according to a J.D. Power report.
Court Reverses Geico Order to Pay $5.2 Million to Passenger Who Caught STD in Car
The Missouri Supreme Court ruled that, because the insurer was not given the opportunity to intervene in the case before judgement was entered, the earlier court ruling should be vacated.
From The Front Lines: Personal Auto
“Rising claim costs have led to rate increases around the country,” says independent agent Kyle Fox. “This is due to both the increased cost of manufacturing complex parts and the technical specialization needed to service and repair them.”
How Economic and Social Inflation Are Plaguing Commercial Auto Insurance
A recession, coupled with the numerous other challenges facing the commercial auto insurance market, will certainly create additional headaches for the commercial auto industry.
5 Strategies to Help Clients as Personal Auto Premiums Rise
With the increasing cost of insurance, inflated gas prices and supply-chain issues leading to rising costs for cars, the personal auto insurance market is on a bumpy road.
Why Is the Personal Auto Market Deteriorating?
Inflation is driving up loss costs, carriers are increasing rates and underwriting guidelines are being tightened—all leading to a deteriorating auto insurance market.
3 Ways Agents Are Getting Stuck in Auto E&O
In 2021, the Great Reopening brought with it a return of the auto errors & omissions claim. Swiss Re received 183 of them last year and 2022 is on track to surpass it.
