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Monday, 10 May 2021 09:22

LexisNexis U.S. Auto Insurance Trends Report Shows COVID-19's Impact on the Industry

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LexisNexis Risk Solutions on May 10 released its 2021 U.S. Auto Insurance Trends Report, which aggregates annual market data about driving behaviors, auto insurance shopping, underwriting and claims to help insurance carriers better understand the shifting landscape.

This year's report analyzes 2020 data to reveal changes in consumer behavior, carriers' reaction and the overall impact of the COVID-19 pandemic on the auto insurance industry. It also provides auto insurance carriers with trended insights to help improve their capabilities and competitiveness across the auto insurance lifecycle.

 

"When we look at all of the 2020 auto insurance trends, we can see a pattern that comes from a series of disassociated events," said Adam Pichon, vice president and general manager, auto insurance, LexisNexis Risk Solutions. "While the evolving impact of the pandemic is still unknown, understanding these trends and evaluating their projections can help insurers make better business decisions and more confidently prepare for the future regardless of unexpected market turbulence."

 

The report looks at how consumer behavior and carrier business practices tied to the auto insurance policy lifecycle diverged in 2020 from the patterns we typically see---largely due to...


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