Best’s Market Segment Report: Myriad Factors Unsettling U.S. Private Passenger Auto Insurance Market
After posting substantially higher profits in 2020, the
The Best’s Market Segment Report, titled, “Myriad Factors Unsettling the
AM Best’s current market segment outlook on the
Inflation will continue causing a rise in average severity. Should the cost of vehicle replacement outpace the cost of repairs, more vehicles will be repaired instead of being declared total losses. As a result, these factors will lead to an increase in loss costs for personal auto insurers and pressure their ability to underwrite coverage profitably. AM Best also expects that policyholder dividends and the private passenger auto line’s underwriting expense ratio will return to historical levels in 2021.
To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=314864.
A video discussion about this report with
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
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Source: AM Best
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