New driver endorsements ended 2020 down some 18%. Pulling the yearly average down were some dramatic drops, including a decline of 45% in May. Some of this can be attributed to DMVs being closed in many states. (Credit: Africa Studio/Shutterstock.com)
The past year was a wild ride and that was reflected in the auto insurance market, which saw big swings in shopping volumes, disrupted renewal patterns and a rise in DUIs among younger generations, according to LexisNexis Risk Solutions.
Auto insurance volume fluctuated throughout 2020 and new business policies written fell 10.4%, but overall volumes ended the year 5.3% higher than the year prior. Additionally, new driver endorsements ended 2020 down some 18%. Depressing the yearly average were some dramatic drops, including a decline of 45% in May 2020.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
