Personal auto
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On a forward basis, frequency estimates could look high with base figures in 2020 being significantly impacted by initial lockdown measures. -
AAC wrote $359mn of net written premiums in the year to September 30, 2020
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The InsurTech’s loss ratio drops 18.3 points to 57.4% amid a pandemic-related drop in driving.
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The move follows the expansion of GM, Ford and Tesla into the insurance market.
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Current levels of premium inflation are well below any metrics seen going back as far as January 1999.
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While the direct channel has strengthened over the past year, Root has not grown auto PIF since Q1:20.
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The ratings agency expects coronavirus frequency benefit trends to continue through 2021.
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Current levels of premium inflation are well below any metrics seen going back as far as January 1999.
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Gross written premiums at the carrier’s North American segment grew by 9% to $4.7bn.
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Carriers too cautious on pricing could see retention trade-offs.
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The price comparison website says average policy rates in the US fell by 4% between 2020 and 2021.
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CEO Zuraitis said the company’s nearly $9mn in recoveries allowed it to achieve "below market" pricing on its program.
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