Auto insurance price rises are expected to decelerate from current heights as claims inflation eases, according to a new economic analysis from Swiss Re.
With more adequate pricing returning, competition in auto insurance is beginning to intensify, leading to expectations that underwriting profits will remain challenging in 2024-25, according to the Swiss Re analysis.
“The sharp gains in motor prices in advanced markets over the last two years came as insurers sought to repair underwriting profits,” the report states. “U.S. personal motor insurers lost a cumulated USD $53 billion in 2022-23. We anticipate that the