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The changing auto marketplace

HOW THE AUTO INSURANCE INDUSTRY IS EVOLVING

Key Drivers:

Escalating Claim Costs

Inflation is driving up legal, medical and auto repair bills

Between 2009 and 2011:

-vehicle parts up 9.4%

-Maintenance and repair up 4.0%

-Hospital and related up 12.5%

More severe weather

-Tornadoes, hail and windstorms do massive damage to

structures and vehicles.

-2011 alne, the U.S. wa hit by 171 catastrophies tha let to

$38 billion in insured losses

More accidents caused by distracted drivers

Drivers who text are 23 times more likely to get into an accident,
the take their eyes of the road nearly 5 seconds per message
(that almost a foofball field)

Older vehicles on the road

-The average age of vehicle on the road in the U.S. is 9.8 years.

-Fewer used vehicles available in the market drives up demand
and marker price for both vehicle and parts, leading to increased
claim costs.

 

 

 

Posted 10:14 AM  View Comments

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