Wildfire and hurricane season combined with the continuing chip and supply shortages hit insurers hard this past quarter, with most carriers dealing with large cat losses:
- The wildfire season has been growing longer and more destructive, with more than 42,299 fires scorching over 6 million acres across the western U.S.
- Policyholders are driving more in off-hours, and many are driving faster, resulting in higher-speed accidents and more serious vehicle damage and injuries.
- The consumer auto price index for vehicle-repair costs increased 4.8% compared to the same period last year.
Here’s a round-up of some leading carriers’ latest financial results: