Just like a vehicle needs to be maintained over time, insured risks need to be assessed regularly throughout the life of a policy. Outdated information about personal auto insurance can lead to significant premium leakage. (Shutterstock/ALM archives) Just like a vehicle needs to be maintained over time, insured risks need to be assessed regularly throughout the life of a policy. Outdated information about personal auto insurance can lead to significant premium leakage. (Shutterstock/ALM archives)

The effects of the pandemic have wreaked havoc on the health of many auto insurers’ books of business. From “boomerang kids” moving home to supply chain issues and widespread inflation, the lifestyle and economic changes of the past few years have created new challenges for achieving profitability.

Compounding the problem, some insurers paused or relaxed renewal underwriting programs during the lockdowns of 2020 and have struggled recently to obtain approval for proposed rate increases.

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?

 

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.