Personal auto

Data shows Texas developments parallel some of the trends in other troubled states, but it is heading in from a stronger position.

From 2020 to 2023, P&C replacement costs increased by 45% on average, whereas inflation for the overall US economy increased 15% within that same period, though the forecast expects that to change.

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

Pricing, reserves and uneven catastrophe losses will be the theme this quarter.

On a year-on-year basis, the all-items index for September increased 3.7% before seasonal adjustment.

This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month.

US commercial and personal auto insurer claim payouts combined were up between $96bn and $105bn for the period from 2013 to 2022.

Rating agency cites elevated underwriting results from convective storms, cat events in core states of operation.

This is the second month motor vehicle insurance prices have risen, following a 17.8% hike in July and a 16.9% increase in June.

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

The overall CPI rise in July was up by 0.2 points month-on-month from June, marking a reversal of the downward trend that started in June 2022.

All policies will be non-renewed or canceled in accordance with state regulations, according to an announcement released ahead of the company’s Q2 earnings call on Monday.