OLDWICK, N.J.--(BUSINESS WIRE)--In the October issue, Best’s Review reports on private passenger auto insurers. At press time, AM Best’s outlook for the U.S. personal auto segment remains at Negative. Factors cited include rising loss severity caused by growing costs to repair newer vehicles; higher used-car prices; supply chain and labor market challenges; and medical costs, which continue to increase.
Some insurers—large companies like Berkshire Hathaway and Progressive, for instance—are seeing success, even in markets that are complicated by slow rate approvals, increasing litigation and rising claims costs. But there are also some smaller insurers that have been turning a profit consistently in personal auto for several years. Learn more about them in our recent article, “Finding the Fast Lane: Pricing Helps Auto Insurers Navigate Roadblocks to Profitability in Difficult Market.”
Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. The complete content of Best’s Review is available here.
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