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.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
