The auto insurance market is massive. How massive? Think $359 billion massive. But few people…
Per a recent article in Carrier Management and reports from AM Best, Verisk and American Property Casualty Insurance Association (APCIA), the U.S. Property & Casualty Insurance Industry achieved a $3.8 billion underwriting profit in the first half of 2024.
With a 10% increase in net written premiums and only a 2.5% rise in incurred losses, the industry’s loss ratio decreased by 5.6%.
This was largely driven by improvements in personal lines, like private passenger auto insurance.
Key figures for Private Passenger Auto Direct Written Premiums are as follows:
• Premiums (representing more than 1/3 of P/C direct premiums overall) grew 15.6% reaching $176.9B in the first half of 2024, following a 12.7% rise from 2022 to 2023.
• Liability premiums rose 13.7% while physical damage premiums jumped 18.1% during the first half of 2024.
• Since 2020, liability premiums have surged over 33%, from $74.2B in the first half of 2020 to $99.1B in 2024.
This marks a positive turnaround for the industry after recent challenges.
VERVE remains at the forefront with our agile approach and precise targeting, supported by our scalable technology and distribution platform. This enables us to:
• Source and mine internal and external data sets from the auto insurance industry.
• Apply predictive analytics to that data.
• Use those analytics to find profitable niches within the $316 billion private passenger auto insurance market.
• Produce underwriting profits that outperform the industry.
• Provide outsized returns to our insurance and reinsurance partners.
For more detailed insights, read the full article here.
For more insights:
Related Posts
