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 Outdated information about personal auto insurance can lead to significant premium leakage.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 Outdated information about personal auto insurance can lead to significant premium leakage.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.

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