News

Poor personal lines underwriting performance is the key driver for deteriorating results, with a personal auto combined ratio forecast of 109.5 for 2023.

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.

This week, Farmers Insurance said it will stop offering home, auto and umbrella policies in Florida.

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.

This week, Nationwide announced it is pausing writing business in certain lines of insurance, joining the list of insurers who have withdrawn from markets.

CoreLogic’s “2023 Hurricane Risk Report” provides a detailed look at what’s at stake for the U.S. as hurricane season commences.

State Farm cited the hard market and protecting the company’s bottom line as the reason for the withdrawal.

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.

Over the past 10 years, the average cost per dog-related claim has risen 131.7% across the U.S., an increase attributable to increased medical costs, as well as social inflation.

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