Search
 

Home

Instant Insights / The Business of Insurance

What's happening in insurance today? From market changes and M&A activity to new coverages, the insurance industry is ever-evolving. To stay up-to-date on the business, these articles, which are updated regularly, will help insurance professionals maintain a competitive edge.

Market Insights

Auto insurance shopping ended 2020 on an upswing

While shopping volume was up overall, higher-risk drivers continued exhibiting tempered purchase behaviors as a result of the pandemic.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
“While insurance shopping remained below 2019 levels throughout much of the second half of 2020, rates began to rise once again YoY in the last few weeks of the year — a promising trend heading into 2021,” Mark McElroy, executive vice president and head of TransUnion’s insurance business, said. (Credit: Rawpixel.com/Shutterstock.com) “While insurance shopping remained below 2019 levels throughout much of the second half of 2020, rates began to rise once again YoY in the last few weeks of the year — a promising trend heading into 2021,” Mark McElroy, executive vice president and head of TransUnion’s insurance business, said. (Credit: Rawpixel.com/Shutterstock.com)

While shopping for personal auto insurance saw large fluctuations throughout the year, the rate of shopping grew 6.2% year-on-year (YoY) during December, according to TransUnion.

The credit reporting agency noted the growth likely reflected strong stock market performance, rising consumer confidence, promising developments on the vaccine front and an increase in new car sales.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

More from this author

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.