LexisNexis Risk Solutions Releases Auto Insurance Trends Report

LexisNexis Risk Solutions has released its 2023 U.S Auto Insurance Trends Report, containing market data for insurers on consumer trends and claims, according to a press release.

The data reveals the challenges that 2022 presented for insurers. Total loss ratios are on the rise, with 27% of collision claims in the first 9 months of 2022 being total losses. 

Property damage severity saw an increase of 8.5% from the previous year; collision severity saw a 9% increase from the previous year. Insurers reported an 8-10% increase in bodily injury severity as well.

33% of those surveyed for a LexisNexis Risk Solutions market research report said that their claims experience caused them to switch or consider switching insurers. Though the first half of 2022 had negative shopping growth, consumers shopped more in the third and fourth quarters due to rate increases and were more likely to change policies.

“A more competitive advantage can start with better claims handling workflows, better outcomes can be initiated by distracted driving awareness and mitigation, and carriers can begin planning for when the market softens—all with greater clarity helped gained through data insights,” said Adam Pichon, senior vice president of auto insurance and claims at LexisNexis Risk Solutions.