Leslie Scism
speaker
504 appearances
9 recordings
1 series
first heard Sep 2017
last heard May 2023
Leslie Scism’s voice in public audio — every appearance, attributed to the second.
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Appearances
That is according to the National Highway Traffic Safety Administration.
So we have more wrecks that's returning to pre-pandemic levels, but we also have an extremely important new factor thrown into the mix, which is inflation.
So insurers are just being hit on multiple fronts by inflation as they're repairing cars.
And so they are seeking rate increases because they say, hey, we've got now wreck volume picking up.
And when those wrecked vehicles are coming into the repair shops, it's costing a lot more to repair them because of higher parts prices.
The labor to repair those vehicles is rising.
There are labor shortages.
There are higher rental costs when a person gets a rental car as part of the policy during the duration of the repair.
So there are all kinds of costs coming at the insurance companies, and they want to pass those on to consumers.
The increases are all over the map.
They have been as much as 20% in certain locations.
Allstate told its investors that
that it's averaging 9.3% increases, and some insurers are below that, but a lot of the big ones are coming in in the range of Allstate.
Many of the states are approving these rate increases because the insurers are required to come in with reams of data.
They have to be able to actuarially justify these cost increases.
And so they're coming in with all this data about the volume of RECs, what all these inflationary effects are doing to them.
So if you document it really well, the regulators are going to give the increase, and they don't like hitting their state residents with these increases.
But generally, the law doesn't allow them to deny rate increases that are justified because that could put insurance companies on a path to insolvency.
So the regulator is balancing the impact on consumers with
to the impact on insurance companies if they don't let more premium come into those companies.
Showing 121–140 of 504 · page 7 of 26
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