On February 18, 2025, the LexisNexis® Risk Solutions U.S. Insurance Demand Meter reported that U.S. auto insurance shopping remained 'Nuclear' for the third consecutive quarter. New policy growth registered at a 'Sizzling' level, indicating sustained high activity in the market.
Insurers observed an 18% increase in consumers shopping in 2024 compared to 2023 levels. This trend was driven by consumers experiencing rate increases and carrier-led marketing campaigns promoting lower premiums, enticing policyholders into the market.
However, the report noted a reversal in the latter half of 2024, with shopping growth outpacing new business, as rate increases made it harder for consumers to find attractive savings. New York and Hawaii were identified as outliers, with New York's new policy growth still below Q4 2020 levels by the end of 2024.
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