Auto insurance claims decreased about 30% YOY in mid-year 2020 for Allstate, Geico and Progressive. (Photo: iMoved Studio/Shutterstock)
New research from Fitch Ratings shows the positive effects reduced driving in response to COVID-19 stay-at-home and social distancing measures has had on auto insurers' underwriting profits.
The auto insurance segment experienced a record reduction in claims frequency during the first half of 2020, according to Fitch. Fewer auto claims have provided some relief by offsetting insurers' increasing pandemic-related losses in other business lines, such as workers' comp or business interruption.
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Heather A. Turner
Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].
