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Just under a third of auto insurance customers experienced a rate increase from the year prior, according to a 2023 report from J.D. Power. Insurers have been up against record-high loss ratios in recent years, losing a reported average of 12 cents on every dollar of premium collected in 2022, which led industry rates to rise an average of 15.5%.
Drivers across the U.S. have been working to alleviate the impacts of growing auto insurance premiums, which has led to record numbers of people adopting usage-based insurance (UBI) programs. J.D. Power reports participation in these programs has more than doubled since 2016, with about 17% of insureds taking advantage of them.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
