In response to rising value pressures, auto insurers noticed underwriting outcomes deteriorate, prompting important changes to pricing methods. “(Auto insurance coverage suppliers) sought and obtained approval to lift charges. So, you’ve had a number of years of back-to-back, in some circumstances double-digit, price will increase. It culminated in 2024, with underwriting outcomes exhibiting a giant enchancment because of that dynamic over the past 5 years,” mentioned Catherine Seifert, director of analysis on the Heart for Monetary Analysis and Evaluation and a seasoned insurance coverage trade analyst, in an interview with IBA. In January 2025, a key renewal interval, auto premium prices skilled a modest pullback, as elevated shopper demand made the road extra aggressive, she added.
