Like other segments of the P&C insurance industry, auto insurance premiums are on the rise as policyholder satisfaction scores take a hit. But also like the impact of one of the major drivers of current premium increases – inflation – consumers are highly unlikely to curtail their use of auto insurance, given their heretofore willingness to keep driving despite now-historic gas-price increases, and the fact that by law, auto insurance is required for licensed drivers. However, rising premiums may push more insureds to shop around for auto insurance, according to analysts at S&P Global Market Intelligence, who each year crunch premium-reporting data from the National Association of Insurance Commissioners (NAIC) in order to report on the state of the industry. "It wasn't necessarily the largest (insurers) that were driving the growth" in premiums in 2021, Tim Zawacki, principle research analyst for the U.S. insurance industry at S&P Global Market Intelligence, says in the June/July 2022 issue of NU Property & Casualty magazine. "It was more (about) the rate of expansion among the top 20 to 50 groups." It will take time to see whether this trend and prediction will truly impact the personal auto insurance market. For now, the list of 2021's top personal auto insurance carriers looks much the same as it did in 2020. The slideshow above, built with data provided by S&P Global Market Intelligence and the NAIC, illustrates 2021's auto-insurance landscape. See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
