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Personal Auto Insurance Could Be Obsolete in 20 Years: Morningstar

Insurance Journal

Self-driving cars could make personal auto insurance largely obsolete within 20 years, according to a worst-case scenario modeled by Morningstar. A more likely, moderate scenario forecasts the line could remain necessary for a few more decades, until 2060. The firm’s …

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U.S. Auto Insurers’ Strong Performance to Continue Through 2025: Fitch

Insurance Journal

personal auto insurers are likely to continue through the end of 2024 and into 2025 due to material price increases and a moderation of claims severity trends “vastly” improving the segment’s profit footing, … More favorable mid-year 2024 results of U.S.

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Three Charged With Auto Insurance Fraud in Miami After False Injury Claims

Insurance Journal

Florida authorities have charged a Miami-area nurse practitioner and two others with creating false medical reports and attempting to defraud an auto insurance carrier out of more than $47,000. Local news reports said that investigators with the state Department of …

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Auto Insurance Shopping Elevated As Loss Costs Potentially Moderate

Insurance Journal

As industrywide auto insurance loss costs appear to be moderating, consumers continue to shop policies at elevated rates, according to the latest quarterly Insurance Personal Lines and Perspectives report from TransUnion. The American consumer credit reporting agency found that the …

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Sentry Buys Nonstandard Auto Insurer The General From American Family for $1.7B

Insurance Journal

Sentry Insurance said it is buying nonstandard auto insurer The General from American Family Insurance for about $1.7 billion to mark the largest acquisition in the company’s 120-year history. Sentry will pay $1.1 billion in cash and assume liabilities and …

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J.D. Power: Auto Insurance Shopping Hits New High, Could Drop With Rate Adequacy

Insurance Journal

The national auto insurance shopping and quoting rate reached a new high between April and June, but many insurers appear to have achieved or are approaching rate adequacy, “which should lead to less rate activity and perhaps less shopping in …

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Commercial Auto Insurance Profit Struggles Continue

Insurance Journal

The commercial auto insurance segment maintained its place as a weaker-performing U.S. property/casualty insurance product line in 2023. Despite successive periods of pricing and underwriting actions, commercial auto has generated a statutory combined ratio above 100 in 12 of the …