News

As economic anxiety increases and the hard market pushes insurance premiums higher, 51% of consumers said they are looking for ways to save money on their existing insurance policies.

While homeowners and personal articles insurance on a composite basis were down slightly in the first quarter of 2023, auto insurance rates increased.

Here is a collection of findings from recent studies that reveal the true extent of distracted driving in 2023.

Rising economic and social inflation, supply chain constraints, catastrophic weather driving up losses, and historic cost increases for reinsurance has led to significant pressure on the property-casualty industry.

Severe events, inflation and supply chain-related concerns coupled with the strain on digital tools has led to increased dissatisfaction among homeowner clients.

State Farm’s record underwriting loss was due to rapidly increasing claims severity and significant additions to prior accident year incurred claims.

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.

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.

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.

With inflation peaking at its highest level in 40 years, auto loss ratios are at their second highest in over 20 years.