News

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 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.

As personal auto insurance rates continue to accelerate upward, some drivers are taking to the market to find cheaper rates—while others are choosing to drive without coverage.

With the consumer price index for auto insurance rising 17%, shopping rates were driven by consumers searching for lower premiums, as well as an increase in new car sales.

Nearly one-third (31%) of U.S. auto insurance customers have seen their rates increase in the past year, leading to the largest decline in customer satisfaction in 20 years.