A new Verisk analysis finds the national average motor vehicle report (MVR) fee has risen to $10.65 and increased more than 25 percent over the past decade.
Personal auto mileage has fluctuated widely through the pandemic and the emerging new normal. It may be time for insurers to leverage analytics to avoid premium leakage.
People spending more time at home seemed to ultimately help many insurers, as loss frequency declined in 2020 year over year across several categories.
Verisk continues to watch personal auto insurance trends resulting from the COVID-19 pandemic and provide likely scenarios and guidance for the new normal.
As personal auto insurers navigate the coronavirus recession and recovery, complex social and economic trends appear set to shape the industry’s “new normal.”