X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
“As people return to a normal way of living, we expect the industry and shopping activity to bounce back. Carriers will need to be prepared with their new business and renewal programs to take advantage of shopping growth and build on their brand promises,” said Tanner Sheehan, of LexisNexis Risk Solutions. (Credit: Shutterstock.com) “As people return to a normal way of living, we expect the industry and shopping activity to bounce back. Carriers will need to be prepared with their new business and renewal programs to take advantage of shopping growth and build on their brand promises,” said Tanner Sheehan of LexisNexis Risk Solutions. (Credit: Shutterstock.com)

Harsh winter weather in February dragged down auto insurance shopping, according to LexisNexis Risk Solutions’ latest Insurance Demand Meter. However, the market roared back in March with “notably large” year-on-year gains. Overall, new business grew around 7%, and auto insurance shopping was up shy of 5% during 2021’s first quarter.

“March marks the one-year anniversary of the beginning of pandemic-related shutdowns, which brought much of our lives — including auto insurance shopping and switching — to a screeching halt. A year later, we are starting to hurdle that very deep trough from the first quarter of 2020, and this is reflected in this quarter’s Demand Meter,” Tanner Sheehan, associate vice president, auto insurance, LexisNexis Risk Solutions, said in a release. “The end-of-quarter growth is even more notable when you consider the sharp mid-quarter drops from Winter Storm Uri and a delay in tax credits and returns.”

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 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 © 2022 ALM Global, LLC. All Rights Reserved.