U.S. Auto Insurance Trends Report Highlights New Generational Risks in Drivers and Vehicles that Continue to Contribute to Higher Claim Frequencies [Yahoo! Finance]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
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Source: Yahoo! Finance
ATLANTA June 20, 2024 /PRNewswire/ -- Today, LexisNexis® Risk Solutions released its 2024 U.S Auto Insurance Trends Report , which aggregates annual market data about consumer driving patterns, auto insurance shopping trends, claim frequency and severity, and consumer responses to rate increases to help insurance carriers better understand the evolving trends impacting the U.S. auto insurance industry. Key takeaways Risky driving behavior rises among younger demographics as distracted driving violations by Gen Z increased 24% from 2022 and a staggering 66% in comparison to 2019 High claim severities persist due to parts and labor shortages along with rising attorney involvement , with 93% of claimants who sought legal counsel likely to retain services in the future. Consumer dissatisfaction around total loss remains high, as roughly half of auto insurance consumers note frustration with a lengthy claims process. Auto insurers are taking an aggressive approach to profitabili
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