A number of personal Auto insurers will implement mid-single-digit rate increases over the next several quarters, to offset higher claim frequency and severity trends, according to the ”P&C Personal Insurance—U.S. Outlook” from Moody's Investors Service. Current severity trends reflect new car sales at near-record levels, increased fraud, higher speed limits in certain states, pricier vehicle components and more serious accidents.
Moody's says to also expect low-to-mid-single-digit rate increases in the Homeowners' market, which will drive underlying margins and lower reinsurance costs.
Below, a summary of the findings from Moody's. Click image to enlarge.
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
