Personal auto
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The motor vehicle insurance index rose 7.4% year on year that month, from 6.0% in June, while the annual gain in all-items CPI dropped to 8.5% from 9.1%. -
The personal lines insurer’s results were also impacted by the states’ regulatory climates and inflationary trends.
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This is the second monthly decline after May and a sign of continued moderation after the index reached a peak in January.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Rate actions during the quarter was better than expected, said CEO Joseph Lacher.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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For domestic automobile, renewal premium change was 6.3%, up a full three points from the first quarter of 2022 and the carrier expects the increases to continue.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The cost of a new car gained 6% last month.
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Tesla Insurance debuted against a backdrop of regulatory hurdles and EV market competitors.
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