"Insurance is essential to the economy in terms of sustainability and growth. We look at insurance shopping and new policy purchases as barometers for broader consumer behavior as well as specific insurance market conditions relating to rate levels, advertising spend, and changes in mobility, "Insurance is essential to the economy in terms of sustainability and growth. We look at insurance shopping and new policy purchases as barometers for broader consumer behavior as well as specific insurance market conditions relating to rate levels, advertising spend, and changes in mobility," said Tanner Sheehan, associate vice president of auto insurance at LexisNexis Risk Solutions, in a release. (Photo: Shutterstock)

The U.S. auto insurance sector had a strong start in 2020, with an average year-to-year growth rate of 7% in the first quarter until consumer spending dived with the onset of the coronavirus pandemic, says new data from LexisNexis Risk Solutions.

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