The annual price increase for motor vehicle insurance accelerated to 7.4% in July, even as the all-items Consumer Price Index (CPI) moderated to an 8.5% gain compared to the same month last year.
In June, the CPI had hit a record high of a 9.1% increase, marking the steepest rise in prices since November 1981.
Enter your e-mail to claim a free trial:
Uncover exclusive insights tailored for insurance leaders
Stay Informed: Access exclusive industry insights
Gain a competitive advantage: Hear first about tactical developments
Make better decisions: Understand market dynamics in crucial lines of business