During the final quarter of 2020, the auto insurance shopping rate averaged 4.7%, while new business volume grew quarter-on-quarter at an average of 3.9%. (Credit: Africa Studio/Shutterstock.com)
Auto insurance shopping activity and new business policy volume both increased overall during the final quarter of 2020, according to LexisNexis Risk Solutions, which reported an annual shop rate of 41% in the fourth quarter. This is the highest annual shop rate since LexisNexis began collecting the data.
Source: LexisNexis Risk Solutions "Considering all the events that shaped 2020, the fact that the market had some growth is a great benchmark for 2021," Tanner Sheehan, associate vice president of auto insurance at LexisNexis, said in a release. "We're already starting to see patterns emerge when it comes to stimulus check distributions, and we look forward to seeing how correlations like that continue to play out in the year ahead."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
