Personal auto
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While the direct channel has strengthened over the past year, Root has not grown auto PIF since Q1:20. -
The ratings agency expects coronavirus frequency benefit trends to continue through 2021.
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Current levels of premium inflation are well below any metrics seen going back as far as January 1999.
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Gross written premiums at the carrier’s North American segment grew by 9% to $4.7bn.
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Carriers too cautious on pricing could see retention trade-offs.
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The price comparison website says average policy rates in the US fell by 4% between 2020 and 2021.
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CEO Zuraitis said the company’s nearly $9mn in recoveries allowed it to achieve "below market" pricing on its program.
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Reduced accident development led to a prior underestimate in the December frequency benefit.
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Underwriting income fell by 6% to $16mn, as lower earned premiums outweighed a modest improvement in margins.
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Tesla told customers that the company would now handle collision repair work at its 140 service stations
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AM Best upgraded the insurer's P&C unit to A from A- last week.
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The InsurTech uses computer vision to assess photos of damaged vehicles to increase the speed of claims processing.
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