Shopping Rates Stay Flat...
Consumer price inflation continues to drive trends and headlines across the insurance landscape this quarter. Despite continued rate taking across personal lines auto insurance, consumer shopping for auto insurance plateaued this quarter, holding at 11.7% compared to 11.8% in Q2. Insurers are also seeing similar retention rates as in Q2 as the switch rate among those who shop has increased slightly to 3.8%, compared to 3.6% last quarter.
We previously highlighted the increasing role usage-based insurance (UBI) programs have been playing in the auto insurance decisions consumers are making while shopping. All in all, more consumers are being offered UBI than previously, and more are taking that offer as they desire a more personalized insurance premium, based on how they actually drive.
Keep reading the 2022 Q3 LIST Report for more insurance shopping trends.