The final quarter of 2021 saw personal auto insurance shopping drop 5.9% compared to the previous quarter, and the rate of new policies written declined by 6.9% compared to Q4 2020. In addition, P&C rates increased an average of 4.25% in response to the uptick in claims severity and the shortage of labor and material.
According to the vice president and general manager of auto insurance at LexisNexis Risk Solutions, the auto insurance industry has been marked by shopping ebbs and flows that have been particularly unusual and not what experts are accustomed to seeing.
Here’s a round-up of some leading carriers’ latest financial results: