According to S&P Global Market Intelligence’s RateWatch, Farmers Insurance instituted double-digit rate increases in 43 states in 2023 for a weighted average rate increase of 17.6%—and its private-auto insurance peers in the U.S. did the same. All 10 of the …
In 2022, the U.S. private auto insurance industry reported its worst underwriting results in over two decades, according to a S&P Global Market Intelligence analysis. The net combined ratio for the sector — when excluding policyholder dividends — was 111.8. …
The Hartford Financial Services reported first quarter 2023 net income of $535 million, nearly a 21% increase over $443 million a year ago. In the company’s property/casualty segments, results were carried by net income of $421 million in commercial lines …
Auto insurers have been forthcoming in their desire to achieve rate to match increases in claims costs and, so far in 2023, consumers are not standing by. According to a quarterly report from J.D. Power, in collaboration with TransUnion, the …
Progressive Corp. today reported first quarter net income of about $448 million – a 43% increase compared to the same time last year – though the insurer booked a nearly $152 million loss for the month of March. At the …
US roadways are carrying heavier, more powerful vehicles operated by motorists who are older, driving faster and more often distracted, according to CCC Intelligent Solutions’ annual Crash Course report. Each of those factors has a bearing on the frequency and …
The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. Loss pressures and a hard P/C market are expected …
Highly profitable sub-90 personal auto combined ratios recorded by 10 publicly traded property/casualty insurers in 2020 don’t look anything like the 106 recorded in 2016. But they’re headed in that direction, Fitch Ratings analysts suggest. Competitive pricing forces and a …
I received this question recently. “Will my customer’s personal auto policy cover their adult child that has moved out of their house?” That’s a pretty good question and I’m glad it was asked. Thankfully, I was able to see the …
A Texas state representative has filed a bill that would require proof of citizenship in order to purchase personal auto insurance. Rep. Bill Zedler, a Republican from Arlington (District 96), has filed HB 2648, which would require an auto insurance …
