Auto Insurance Shopping Remains Strong as the Auto Insurance Industry Grapples with Another Turbulent Year in 2024 [Forbes]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
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Source: Forbes
As more drivers returned to the roads in 2021, troubling trends began to emerge. First, claims severities have been a major challenge, registering six consecutive quarters of at least 5% growth through the first six months of 2023, according to the LexisNexis® Insurance Demand Meter . Second, the availability of automobiles took a major hit coming out of the pandemic, with the annual run rate on newly created vehicles falling from 18 million in March of 2021 to 13 million just six months later. Since then, insurers have continued to grapple with supply and demand issues related to parts; a tightening labor market; more claims and higher severities costs year over year; and cars getting more complicated by the day, with advanced driver-assistance systems and the growing popularity of electric vehicles (EVs). How Do We Adapt? This context, highlighting the many challenges, can help us understand that we are living in a different insurance market than ever before. We talk a lot about
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