On November 20, 2024, the LexisNexis® U.S. Insurance Demand Meter reported 'Nuclear' levels of auto insurance shopping and new policy volumes for the second consecutive quarter. This level of activity set a new record for growth since LexisNexis® Risk Solutions began tracking U.S. insurance consumer shopping behavior over a decade ago.
The report indicated that nearly half, 45%, of U.S. policies-in-force were shopped at least once in the preceding 12 months. This surge was fueled by insurer-led marketing programs, which enticed price-sensitive consumers responding to industry rate-taking.
Despite the initial halt in shopping experienced by Florida (-17%) and Georgia (-16%) following Hurricane Helene, these states bounced back more quickly than the Carolinas. The sustained high activity levels, coupled with increased rates, suggest the industry is moving towards a more profitable chapter.
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