Personal auto
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This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month. -
US commercial and personal auto insurer claim payouts combined were up between $96bn and $105bn for the period from 2013 to 2022.
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Rating agency cites elevated underwriting results from convective storms, cat events in core states of operation.
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This is the second month motor vehicle insurance prices have risen, following a 17.8% hike in July and a 16.9% increase in June.
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Inside P&C’s news team runs you through the key highlights of the week.
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The overall CPI rise in July was up by 0.2 points month-on-month from June, marking a reversal of the downward trend that started in June 2022.
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All policies will be non-renewed or canceled in accordance with state regulations, according to an announcement released ahead of the company’s Q2 earnings call on Monday.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.
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Progressive has now reported three consecutive months of adverse development. The Inside P&C Research team takes a closer look.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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