ABAX Introduces Fair Car Insurance to Norwegian Market
ABAX launches Fair Car Insurance in Norway, utilising data analysis for tailored commercial vehicle premiums aimed at optimising customer safety and reducing risks.
USAA survey finds driving apps improve safe-driving habits among young drivers
A USAA-sponsored survey of 2,027 US parents found that 87% of those using driving apps believed their child’s driving improved. SafePilot uses telematics to provide behavioural feedback and insurance discounts.
Personal Auto Profitability Showing Positive Trends
The Insurance Information Institute reports improved underwriting profitability in personal auto insurance, with a 7.3-point decrease in net combined ratio in 2023. Premium growth reaches a 15-year high, driven by rate increases to offset inflationary costs.
Rising Auto Insurance Costs Contributing to Inflation Acceleration
The US auto insurance market faces inflation due to a 2.7% monthly and 22.2% yearly price increase. Rising repair costs from supply chain issues and advanced vehicle tech contribute to insurers' financial challenges and customer dissatisfaction.
