article thumbnail

U.S. Auto Insurers’ Strong Performance to Continue Through 2025: Fitch

Insurance Journal

personal auto insurers are likely to continue through the end of 2024 and into 2025 due to material price increases and a moderation of claims severity trends “vastly” improving the segment’s profit footing, … More favorable mid-year 2024 results of U.S.

article thumbnail

2024 More of the Same Commercial Auto Insurance Segment After $5B Net Loss in 2023

Insurance Journal

commercial auto insurance segment sustained a $5 billion net loss in 2023, a new AM Best reports indicates further deterioration in the first half of 2024. After the U.S. Despite targeted underwriting initiatives, including raising premiums to match the rising …

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Auto Insurance Shopping Elevated As Loss Costs Potentially Moderate

Insurance Journal

As industrywide auto insurance loss costs appear to be moderating, consumers continue to shop policies at elevated rates, according to the latest quarterly Insurance Personal Lines and Perspectives report from TransUnion. The American consumer credit reporting agency found that the …

article thumbnail

Personal Auto Insurance Could Be Obsolete in 20 Years: Morningstar

Insurance Journal

Self-driving cars could make personal auto insurance largely obsolete within 20 years, according to a worst-case scenario modeled by Morningstar. A more likely, moderate scenario forecasts the line could remain necessary for a few more decades, until 2060. The firm’s …

article thumbnail

Three Charged With Auto Insurance Fraud in Miami After False Injury Claims

Insurance Journal

Florida authorities have charged a Miami-area nurse practitioner and two others with creating false medical reports and attempting to defraud an auto insurance carrier out of more than $47,000. Local news reports said that investigators with the state Department of …

article thumbnail

Sentry Buys Nonstandard Auto Insurer The General From American Family for $1.7B

Insurance Journal

Sentry Insurance said it is buying nonstandard auto insurer The General from American Family Insurance for about $1.7 billion to mark the largest acquisition in the company’s 120-year history. Sentry will pay $1.1 billion in cash and assume liabilities and …

article thumbnail

J.D. Power: Auto Insurance Shopping Hits New High, Could Drop With Rate Adequacy

Insurance Journal

The national auto insurance shopping and quoting rate reached a new high between April and June, but many insurers appear to have achieved or are approaching rate adequacy, “which should lead to less rate activity and perhaps less shopping in …