The auto insurance industry has weathered its share of storms in recent years. Despite fewer claims in early 2024, carriers still face headwinds when it comes to vehicle complexity and its effect on severity and cycle time. Following are the …
Auto repairs are taking more than twice as long as they did in 2021, but policyholders who filed claims appear to be taking that in stride. J.D. Power reported Thursday that the industry average claims satisfaction rating increased five points …
Insurance claims inflation has risen faster than the underlying consumer price index, outpacing auto insurance premium increases, according to a new study by the American Property Casualty Insurance Association (APCIA). The national trade association for home, auto and business insurers …
Auto claimants are waiting longer for collision repairs — 4.5 days longer this spring compared to the same period last year, according to a report released Friday by Enterprise Rent-a-Car. Enterprise extrapolated repair times by tracking the average length of …
Anybody who’s seen a Carfax commercial may suspect that a vehicle that’s been involved in a crash is worth less even after it is repaired. Massachusetts auto insurers are now required to compensate third-party claimants for those losses. The state’s …
Auto insurance claims costs rebounded this year after plummeting during the COVID-19 pandemic, but the number of collision claims remain 15% below 2019 levels, according to a report by CCC Intelligent Solutions. While highway traffic levels — and hence auto …
Auto loss costs climbed rapidly this year as vehicle traffic returned nearly to pre-pandemic levels and motorists adopted more risky behaviors, the American Property Casualty Insurance Association said in a white paper released on Monday. An increase in claim frequency …
The evening before Hurricane Zeta made landfall, Vicki Dean and her husband, Kenny, were curious to see if the distant storm was already churning up Biloxi’s Back Bay. Like they did many evenings when Vicki wasn’t waitressing at a Gulfport …
Customer use of digital interactions in the claims process has increased 18% since 2017 and the vast majority of policyholders are pleased with the process, J.D. Power said in its first U.S. Claims Digital Experience Study. “Personal interaction continues to …
With insured losses projected to reach $4.2 billion, Hurricane Isaias’ rampage from the Caribbean to Canada was the first significant event from a claims perspective since Hurricane Irma struck Florida in 2017, a claims executive for Crawford & Co. said …