Personal auto

Personal auto rates increased 19% during the year.

The InsurTech’s shares gained over 50% in value on Thursday.

The company posted favorable development in the last quarter of 2023.

CSAA writes over 70% of its business in the Golden State.

Auto-related CPI values continue to drop, while premium inflation hits new highs

The CPI all-items index moderated to 3.1%, vs a 3.4% YoY rise for December.

The changes will be up for discussion at a March 26 public hearing.

The Manheim Used Vehicle Value Index dropped 9.2% year-on-year, to 204.0.

A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.

December’s increase was an acceleration from 19.2% in November and October, with the CPI all-items index up 3.4% vs a 3.1% YoY rise for November.

“The spring bounce was much more pronounced than expected in 2023, and prices slid just as rapidly after that bounce, finishing more calmly in December as expected,” said Cox Automotive’s Jeremy Robb.

Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.