Personal auto

This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month.

US commercial and personal auto insurer claim payouts combined were up between $96bn and $105bn for the period from 2013 to 2022.

Rating agency cites elevated underwriting results from convective storms, cat events in core states of operation.

This is the second month motor vehicle insurance prices have risen, following a 17.8% hike in July and a 16.9% increase in June.

Inside P&C’s news team runs you through the key highlights of the week.

The overall CPI rise in July was up by 0.2 points month-on-month from June, marking a reversal of the downward trend that started in June 2022.

All policies will be non-renewed or canceled in accordance with state regulations, according to an announcement released ahead of the company’s Q2 earnings call on Monday.

Inside P&C’s news team runs you through the key highlights of the week.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.

Progressive has now reported three consecutive months of adverse development. The Inside P&C Research team takes a closer look.

Inside P&C’s morning summary of the key stories to get you up to speed fast.