Verisk has seen a marked increase in insurers seeking strategic sourcing of non-rate actions to confront premium leakage in 2023.
Non-rate actions that don’t require a rate filing are one of the fastest ways to help with insurers’ profitability during a hard market.
Knowing when a property has been updated is critical, as these changes can add new liability risks and insurance-to-value considerations.
Supply-chain issues, labor shortages, and high demand for building resources are complicating factors as homeowners insurers head into 2022.
Personal auto insurers had a year without precedent in 2020, and 2021 may break more new ground, but in very different ways.
How can auto insurance leaders adapt and stay competitive amid evolving pandemic-related trends? The key may be a digital ecosystem.
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.
Property insurance underwriters relying on up-to-date cost data to cope with higher reconstruction estimates amid lumber's price volatility.
People spending more time at home seemed to ultimately help many insurers, as loss frequency declined in 2020 year over year across several categories.
Economic turmoil, lifestyle changes, and transitions to remote work amid the COVID-19 pandemic created a “new normal” for personal property insurance.
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.”
One statistic profoundly affected by COVID-19 lockdowns has been miles driven, and so capturing mileage more precisely may become critical for auto insurers.
The COVID-19 pandemic has slowed new residential construction, and property/casualty insurers are likely to see a similar trend in new business submissions.
The COVID-19 pandemic is bringing a “new normal” to personal auto insurance, with similarities and contrasts to the Great Recession.
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