Auto insurance premiums and claims still on the rise: study

AM Best’s latest Market Segment Report gives a grim outlook for the auto insurance industry, for both insurers and consumers alike. The auto insurance industry is hurting, with premiums and claims continuously on the rise, according to the study.

For insurers, the hike in auto insurance claims is largely due to drivers returning to the workforce. There’s an increasing number of people on the road compared to the height of COVID-19. The more drivers on the road, the more accidents that get reported, and the higher premiums tend to rise.