This PowerPoint report, by Steven Weisbart, senior vice president and chief economist of the Insurance Information Institute, was presented at the National Auto Insurance ExecuSummit. The presentation reviews major trends affecting the auto insurance market including competition, profitability, premium growth, exposure drivers, underwriting, an aging population and inflation. Concerning the last, the report shows that subdued inflation in the general economy does not reflect property/casualty insurance industry cost pressures. The presentation concludes with a focus on fraud and abuse in the private passenger auto insurance market, noting that skyrocketing no-fault (PIP) claim costs are a major concern in several states.
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