Viewers can now access highlights from the AM Best-hosted webinar, titled, “Key Insights for the Road Ahead: Top 5 Auto Insurance Trends of 2023,” sponsored by LexisNexis Risk Solutions.

In this video-based interactive presentation, viewers can learn about the significant challenges the auto insurance industry faced in 2023 due to soaring claims costs, persistent inflation and changes in consumer behavior. Insurers implemented record-high rate increases to address profitability issues, leading to an unprecedented level of consumer shopping for new policies. The industry also grappled with the impact of remote work on commuting patterns and the rise of risky driving behaviors.

The webinar was compiled into the following standalone segments:

• Auto Insurers Grapple With Profitability Woes Amid Soaring Claims Costs
• Auto Insurers Faced With Staggering 112 Loss Ratio, Underwriting Losses Reach 12 Cents on the Dollar
• Insurers Adopt “Sledgehammer Approach” to Rate Revisions, Abandoning Targeted Changes
• Auto Insurance Shopping Reaches All-Time High as Consumers React to Rate Hikes
• The New Normal: How Remote Work Is Reshaping Commutes and Auto Insurance Risk
• Frequent Scrutiny of Policyholders’ Driving Behavior Key to Managing Risk
• ADAS: A Double-Edged Sword for Auto Insurers, Reducing Frequency but Increasing Severity
• Insurers Struggle to Accurately Price EVs as Loss Results Outpace Expectations
• UM and UIM Coverages: A Growing Opportunity for Insurers as Minimum Limits
• Beyond Claims History: Innovations in Sourcing Prior Loss Data for Enhanced Underwriting
• Insurers Partner With Body Shops to Manage Rising EV Claims Costs
• Auto Insurers Reignite Focus on Claims Innovation in 2024

Panelists include:

• Adam Pichon, senior vice president, global insurance analytics, LexisNexis Risk Solutions; and
• Tanner Sheehan, vice president & general manager, U.S. claims, LexisNexis Risk Solutions.

The complete video replay for this event is also available to view here.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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