Auto Insurers May Have No Choice But to Lower Rates (Nov. ’24)

In an Assured Comment released to subscribers, Assured Research harnessed data from the 3Q24 statutory financials and observed that the YTD93024 auto loss ratio is about 1 standard deviation below its century-long average. That, coupled with meaningful favorable reserve development on accident year 2023 (in 2024) will surely catch the eyes of regulators reviewing rate filings in the months ahead.