Personal auto
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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
Rate actions during the quarter was better than expected, said CEO Joseph Lacher.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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For domestic automobile, renewal premium change was 6.3%, up a full three points from the first quarter of 2022 and the carrier expects the increases to continue.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The cost of a new car gained 6% last month.
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Tesla Insurance debuted against a backdrop of regulatory hurdles and EV market competitors.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Used car prices are on a general decline this year but the impact on personal auto insurers is yet to be seen.
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Aon said supply chain disruptions are easing, shipping costs are receding and building materials and vehicle pricing are decelerating.
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Tesla’s entry into the insurance market presents the firm with both opportunities and risks.
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The companies have received approval from the Department of Justice under the Hart-Scott-Rodino Act and are awaiting other required regulatory approvals.
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