Preliminary data for May suggests auto frequency is down about 43%. The figure is close to the ~50% benefit we observed in April, but nevertheless shows a lessening of the frequency benefit.
P&C company stocks outpaced the gains of the broader market in May, suggesting a relief rally on the back of more positive call commentary at Q1 earnings and optimism around the pricing environment.
With pricing accelerating and talk of a once-in-a-generation hard market, the P&C market continues to be talked about as entering a period of peak opportunity.
Allstate has extended its 15% premium rebate by a month. Notably, a few other companies have also added to their original rebates including State Farm, USAA and American Family.
