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Friday, 01 October 2021 15:07

Auto Insurers Confront Rapidly Rising Claims Costs

Index

...normalize in the personal and commercial auto insurance businesses in 2021 due to inflationary pressures and the year-over-year increase in the number of vehicles on the road. Over time, the outlook assumes resolution of the underlying supply chain disruptions that are driving the rapid inflation.

 

Some auto insurers will continue to pursue sizeable rate increases in response to the adverse claims trends. The report projects growth in personal auto direct premiums written of 3.1% in 2021 and 5.4% in 2022. Commercial auto premiums are projected to rise 14.2% in 2021 before slowing to 8.4% in 2022.

 

Source: S&P Global Market Intelligence

 

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