Auto insurance news 2017
Here are some notable auto insurance news stories from 2017:
- Rising Premiums: Auto insurance premiums continued to rise in 2017, with the average annual premium increasing by 3.4% to $1,009, according to the Insurance Information Institute (III).
- Opioid Epidemic Impact: The opioid epidemic had a significant impact on auto insurance rates in 2017, with many insurers increasing rates to account for the increased risk of accidents and fatalities caused by drug use.
- Autonomous Vehicles: The development of autonomous vehicles continued to gain momentum in 2017, with many companies, including Waymo, Tesla, and Uber, testing and deploying self-driving cars on public roads.
- Ridesharing Insurance: The rise of ridesharing services like Uber and Lyft led to increased demand for insurance products that cover drivers during periods when they are not actively transporting passengers.
- Usage-Based Insurance: Usage-based insurance (UBI) continued to gain popularity in 2017, with many insurers offering discounts to drivers who use telematics devices to track their driving habits.
- Distracted Driving: Distracted driving remained a major concern in 2017, with many states passing laws aimed at reducing the risk of accidents caused by texting and driving.
- Cybersecurity: The increasing use of connected cars and autonomous vehicles highlighted the need for improved cybersecurity measures to protect against hacking and data breaches.
- Mergers and Acquisitions: The auto insurance industry saw several significant mergers and acquisitions in 2017, including the acquisition of MetLife's auto insurance business by AmTrust Financial Services.
- Regulatory Changes: The Trump administration's repeal of the Federal Communications Commission's (FCC) net neutrality rules in 2017 had implications for the auto insurance industry, as it could lead to increased costs for data transmission and storage.
- Natural Disasters: 2017 was marked by several significant natural disasters, including hurricanes Harvey, Irma, and Maria, which caused widespread damage and disruption to the auto insurance industry.
Some notable auto insurance company news from 2017 includes:
- Allstate: Allstate announced a 10% increase in its auto insurance rates in 2017, citing rising claims costs and increased severity of accidents.
- State Farm: State Farm reported a 4.5% increase in its auto insurance rates in 2017, citing rising claims costs and increased frequency of accidents.
- Geico: Geico announced a 10% increase in its auto insurance rates in 2017, citing rising claims costs and increased severity of accidents.
- Progressive: Progressive reported a 5% increase in its auto insurance rates in 2017, citing rising claims costs and increased frequency of accidents.
- USAA: USAA, a military-focused insurer, reported a 4.5% increase in its auto insurance rates in 2017, citing rising claims costs and increased severity of accidents.
These are just a few examples of the many auto insurance news stories from 2017. If you're looking for more information on a specific topic or company, feel free to ask!