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.
How personal lines insurance carriers can adjust to the new challenges presented by the COVID-19 pandemic.
Reconstruction costs continue to rise in the second quarter of 2020, based on interim data extracted to identify short-term impacts of the COVID-19 pandemic.
With much of the country closed for business due to COVID-19, many insurers face the question: How have these changes in activity affected insured risks?
Fewer vehicles on the road may not necessarily lead to lower auto losses for insurers. Here's why.