News

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

The study by J.D. Power shows that the increase in auto premiums is dragging down the overall satisfaction of policyholders and hurting retention rates of bundles.

Auto claimants’ wait for collision repairs jumped 4.5 days in the second quarter of 2022 from the second quarter of 2021, according to a report from Enterprise Rent-a-Car.

Geico is still contesting whether the claim is covered in federal court and the outcome will determine whether the company has to pay the settlement.

Auto insurance switching is down 3.2% in the first quarter 2022, while quoting is down 11.1% for the same period, according to J.D. Power.

Lemonade will acquire auto insurer Metromile in an all-stock transaction for just over $200 million net of cash.

The case is raising concern within the insurance industry as doubts remain as to whether there could be coverage under the personal auto policy.

The main reason why customer satisfaction has stalled: Companies are missing the mark on effective communication with customers.

The acquisition will allow SafeAuto to grow its platform in the non-standard space. Additionally, Progressive finalized the acquisition of transportation insurer Protective Insurance Corp. ahead of schedule.

COVID-19’s evolving impact on the personal auto market is still unfolding. Keeping up-to-speed on trends and projections can help prepare for the road ahead.