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9. UM and UIM Coverages: A Growing Opportunity for Insurers as Minimum Limits

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Insurers should be prepared for UIM coverages to be accessed more frequently, as not-at-fault carriers will increasingly see limits exhausted with the at-fault party's carrier, and the claim will come back to them to handle the rest.

 

7. ADAS: A Double-Edged Sword for Auto Insurers, Reducing Frequency but Increasing Severity

ADAS-equipped vehicles can be more expensive to repair due to costly parts that need replacement, increasing severity.
 

6. Frequent Scrutiny of Policyholders' Driving Behavior Key to Managing Risk

Insurers can also re-underwrite policies based on prior loss history and other factors.
 

5. The New Normal: How Remote Work is Reshaping Commutes and Auto Insurance Risk

The rise in risky driving behavior may be attributed to less congested roadways, which create opportunities for drivers to drive faster and more aggressively than they used to.
 

10.Beyond Claims History: Innovations in Sourcing Prior Loss Data for Enhanced Underwriting

Prior claims history, both at-fault and not-at-fault (where permitted), is highly predictive of future insurance loss, and insurers should explore innovations in sourcing this data from other places to improve their underwriting.
Copyright © 2024 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.