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Among consumers who had auto insurance at the end of 2023, 41% shopped at least once for a new policy. Personal auto, commercial auto, workers' compensation,. Retention levels have dropped a staggering three percentage.
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The united states motor insurance market is expected to reach usd 466 billion in 2025 and grow at a cagr of 8.57% to reach usd 702.99 billion by 2030. The property/casualty market share report contains cumulative market share data for the following lines of business: Auto insurance is a contract between the policyholder and the insurance company that protects against financial loss in the event of an accident or theft.
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The report summarizes the latest auto insurance industry statistics across u.s. Clients can access the full report including data exhibits on s&p capital iq pro. Power shopping study, deloitte reported that 49 percent of auto insurance consumers actively shopped for a new policy in the past year, likely fueled by auto insurance.
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States, including market size, employment and insurance costs. Lexisnexis risk solutions insurance demand meter, q1, 2024 these dynamics have helped fuel seven straight quarters of positive new policy growth but resulted in the industry. Overall, shopping increased 4.7% in 2023, with many consumers.
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It provides liability coverage for. Not resigned to higher rates, 41% of insured households shopped their auto insurance at least once in 2023.
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