LexisNexis attributes this demographic shift to the trend of household consolidation – with the average number of drivers per policy continuing to grow as parents add adult children to their policies and, in turn, adult children add their retired parents. Photo: Rawpixel.com/Shutterstock
Auto insurance policy shopping growth dropped to -1.2% in the third quarter of 2023, according to the latest LexisNexis Risk Solutions Insurance Demand Meter – quite a drop from the 5.2% growth seen in Q2 2023. The rate at which customers switched or purchased new coverage fell from 10.2% growth in Q2 2023 to 3.9% in Q3, but despite the drop in growth, LexisNexis reports record volumes of new policies in August and September.
The Demand Meter notes there have been minor shifts in key auto insurance shopping demographics over the last few quarters; including growth in the 65+ age group, which now comprises 14% of those who purchased new policies, up from 10% in early 2022. Growth in the older demographic was countered with a drop in purchasers under 35 – falling from 40% in early 2022 to 35% in Q3 2023.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
