High claim severities, persistent risky driving behavior, electric vehicles and shop-and-swap consumers are challenging auto insurers to stay profitable.
The challenges will continue through the end of the year and beyond, according to the 2024 U.S Auto Insurance Trends Report from LexisNexis Risk Solutions.
“Auto insurers are navigating a dynamic and challenging market environment in 2024. For their part, consumers are displaying more unpredictable driving and policy shopping behavior and increasingly switching carriers to find better rates,” said Adam Pich