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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Relx Plc | LSE:REL | London | Ordinary Share | GB00B2B0DG97 | ORD 14 51/116P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-46.00 | -1.23% | 3,679.00 | 3,675.00 | 3,677.00 | 3,701.00 | 3,638.00 | 3,696.00 | 2,205,000 | 16:35:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Publishing | 9.16B | 1.78B | 0.9554 | 38.49 | 69.44B |
PR Newswire
ATLANTA, Feb. 21, 2024
According to the LexisNexis Insurance Demand Meter, a "Hot" Q4 2023 spelled continued rate increases, along with improved combined ratios, and now opens a window for insurers to capitalize on continued shopping as they seek a return to profitability in 2024
ATLANTA, Feb. 21, 2024 /PRNewswire/ --
Key takeaways
Heightened new policy and shopping activity counters traditional fourth quarter lulls.
2023 year in review.
"As the industry sees rates spike and expands marketing to prime consumers for increased shopping, it will be key to observe activity on a state-by-state level," said Adam Pichon, senior vice president, U.S auto and claims, LexisNexis® Risk Solutions. "When we look at Texas, a leading state for improved profitability, both the number and size of rate increases have dwindled. While we can't predict the shopping trajectory for states still looking to achieve rate adequacy, we will watch closely to determine whether Texas can serve as a bellwether for the rest of the country."
Direct distribution stages a comeback with increased market activity.
As market dynamics shift, the direct distribution channel single-handedly drove Q4 growth. This sits in contrast to the previous quarter when independent agents zeroed in on consumer desires to shop policies from multiple carriers.
Western and Midwestern regions led shopping growth in Q4.
Twelve of the 15 fastest-growing states are located in the West and Midwest regions.
Looking ahead
With 2024 already underway, insurers have an opportunity to seize market share, particularly evident in the direct channel where factors like marketing expenditure and rate adjustments are prompting increased shopping behavior. Texas, one of the first states to increase rates and experience positive growth, saw negative shopping numbers in the final quarter of 2023. This may highlight the need for insurers to adapt their strategies and balance acquisition with rate competitiveness to capitalize on increased shopping before it stabilizes. While there's a window of opportunity, it may be temporary. Insurers may only have a limited timeframe to take advantage of current insurance industry conditions and secure their market position.
"With profitability top of mind in 2024, we expect to see many insurers taking a closer look at their portfolios and in some cases re-underwriting certain policies," said Pichon. "This could yield continued increases in shopping as consumers seek the most affordable policies."
Download the latest Insurance Demand Meter.
LexisNexis Insurance Demand Meter
The LexisNexis® Insurance Demand Meter is a quarterly analysis of shopping volume and frequency, new business volume and related data points. LexisNexis Risk Solutions offers this unique market-wide perspective of consumer shopping and switching behavior based on its analysis of billions of consumer shopping transactions since 2009, representing nearly 90% of the universe of insurance shopping activity.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com, and www.relx.com.
Media Contacts:
Chas Strong
LexisNexis Risk Solutions
Phone: +1.706.714.7083
Charles.Strong@lexisnexisrisk.com
Dean Carney
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5607
Dcarney@brodeur.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/us-consumers-continue-to-shop-and-switch-auto-insurance-at-higher-rates-dragging-down-carriers-retention-rates-302067822.html
SOURCE LexisNexis Risk Solutions
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