Personal auto

The ratings agency said the downward revisions reflect inflation, rising loss cost severity, higher reinsurance costs and other challenges.

Used car prices in August fell further, down 4% from July, according to auction house Manheim’s monthly market report.

This compared with a $11.4bn loss in the first half of 2021, the report said.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Turcotte, CFO since 2008, was part of the leadership that took the company public in December.

The Manheim Used Vehicle Value Index declined to 211.6, up 8.8% from a year ago but showing a gradual decline after reaching a January peak of 236.3, except for an increase in May.

The company delayed once again the launch of its partnership with State Farm to the first half of next year from Q4.

The motor vehicle insurance index rose 7.4% year on year that month, from 6.0% in June, while the annual gain in all-items CPI dropped to 8.5% from 9.1%.

The personal lines insurer’s results were also impacted by the states’ regulatory climates and inflationary trends.

This is the second monthly decline after May and a sign of continued moderation after the index reached a peak in January.

Inside P&C’s news team runs you through the key highlights of the week.

Inside P&C’s morning summary of the key stories to get you up to speed fast.