The Future of U.S. Auto Insurance
According to a new Best’s Market Segment Report, a reduction in catastrophe losses in 2018, as well as an all-time high in policyholder surplus, have granted the insurance industry a stable rating for the near future.
However, it’s no time for insurers to rest on their laurels, particularly when it comes to personal lines auto. Times are changing for American auto insurers, and the struggle is real.
“The personal automobile insurance market is experiencing an expanding set of challenges—including consolidation, evolving distribution structures, and product commoditization—that may well redefine the business over time,” said Alan Dobbins, a Director, Insurance Research at Conning.
In the face of encroaching challenges, determining which insurers remain a vital element of the industry and those that fail to make the grade, will depend on their ability to adapt to several arising market challenges.
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