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High claim severities show little sign of slowing downContents

At LexisNexis Risk Solutions, we keep on top of the trends, analyzing and comparing year over year changes.

OverviewWhile some aspects of the auto insurance landscape began to soften in 2023, the year still posed a challenge for many P&C insurers. In 2024, many insurers are focused on maintaining profitability as others look toward cautious growth. To help insurers have a clearer view of the road ahead, LexisNexis^® Risk Solutions identified five key auto insurance trends that we are watching:

1.	High claim severities show little sign of slowing down
2.	Insurers take aggressive steps to address profitability challenges
3.	Consumers respond sharply to market conditions by shopping and switching auto policies
4.	Risky driving behavior persists
5.	As electric vehicle sales grow, so do insurance risks

IN THIS REPORT, WE ANALYZE THESE FIVE TRENDS IN DETAIL, AND PROVIDE INSIGHTS TO HELP INSURERS:

Establish rate adequacy for existing and new customers across all market cycles
Balance their entire portfolio
Tackle claims with a broader industry perspective
Better manage overall risk with high-predictability models
Get a clearer picture of their competitive position