Benchmarking Discussion: How Current and Emerging Auto Insurance Trends Will Affect Carrier Results
Drivers are only part of the reason, as other issues contribute to rising loss costs.
Claims frequencies have fallen at double-digit rates in many areas, but claims volume has not dropped as significantly.
Medical, labor, parts shortages and other rising costs are combining to drive claims costs upward.
Retention spiked during the pandemic as regulators and insurers imposed moratoriums on cancellations and payments.
Other types of information can uncover trends that relate to insureds shopping.
