Independent agents' auto insurance volume down 24% in Q1 2020

“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.

In its Q2 2020 Insurance Demand Meter, LexisNexis reveals how COVID-19 has impacted U.S. consumer auto insurance shopping, including differences based on age group, geography and shopping channel. The LexisNexis Insurance Demand Meter is a quarterly analysis of shopping volume and frequency, new business volume and related data points.