2024 LexisNexis U.S.Auto Insurance Trends Report shares insights for insurers to help benchmark future rating decisions with today’s trend data, evolve against new risk segments and navigate the road to profitability Atlanta, GA (June 20, 2024) – LexisNexis Risk Solutions is pleased to announce the release of its 2024 U.S Auto Insurance Trends Report, which aggregates annual market data about consumer driving patterns, auto insurance shopping trends, claim frequency and severity, and consumer responses to rate increases to help insurance carriers better understand the evolving trends impacting the U.S.auto insurance industry.

Key takeaways “Auto insurers are navigating a dynamic and challenging market environment in 2024.For their part, consumers are displaying more unpredictable driving and policy shopping behavior, and increasingly switching carriers to find better rates,” said Adam Pichon, senior vice president of global analytics, insurance, LexisNexis Risk Solutions.“It is crucial for insurers to balance market acquisition and retention with rate adequacy and utilize data-driven insights to help manage risk and maintain profitability to be set up for continued success as the market begins to soften.” Gen Z drivers and EV technology bring newfound risk Claim severity and complexity continue to rise Profitability remains a challenge against heightened shopping activity    Download the 2024 LexisNexis Risk Solutions Auto Insurance Trends Report.

Notes 1.Copyright @2024, S&P Global Market Intelligence (and its affiliates, as applicable).2.

LexisNexis Risk Solutions Internal Analysis.3.Argonne National Laboratory.

About LexisNexis Risk Solutions LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that LexisNexis Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe.Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL, NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers.For more information, please visit www.risk.lexisnexis.com.

Tags: Auto Claims, auto insurance, distracted driving, LexisNexis Risk Solutions, survey, United States (USA)