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Name | Symbol | Market | Type |
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RELX PLC | NYSE:RELX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.02 | -0.04% | 47.32 | 47.61 | 47.24 | 47.32 | 381,363 | 01:00:00 |
ATLANTA, Nov. 20, 2024 /PRNewswire/ -- For the second consecutive quarter, the LexisNexis® U.S. Insurance Demand Meter recorded "Nuclear" levels of auto insurance shopping and new policy volumes, while the latter set a new record for growth since LexisNexis® Risk Solutions first began tracking U.S. insurance consumer shopping behavior more than a decade ago. Insurer-led marketing programs fueled activity among price-sensitive consumers who responded in droves to industry rate-taking. At the end of the quarter, nearly half (45%) of the U.S. policies-in-force were shopped at least once in the preceding 12 months, a result of the continued escalation of activity the market has witnessed over the past two quarters.
Key Takeaways
Market Impact of Hurricane Helene
At the end of the third quarter, Hurricane Helene made landfall. Despite the initial halt in shopping Florida (-17%) and Georgia (-16%) experienced, they bounced back more quickly than the Carolinas. North and South Carolina initially saw smaller shopping losses as a result of the storm, but while diminished, the effects continued to linger through the end of the quarter.
Key Observations
"Throughout Q3, the momentum in policy shopping and new policy volumes reached unprecedented levels as U.S. insurers worked to balance profitability with market demands," said Jeff Batiste, senior vice president and general manager, U.S. auto insurance, LexisNexis Risk Solutions. "With strategic reactivation of marketing programs, U.S. insurers enticed motivated consumers, eager to offset the market's rising auto and home policy costs. Resulting record activity levels, coupled with the effects of increased rates, may see the industry officially turning the page on its less profitable chapter and opening its doors for growth."
A Look Ahead
"Looking at trends, typically, soft markets spur aggressive marketing and targeted U.S. rate adjustments to enhance segmentation," said Chris Rice, vice president, strategic business intelligence, LexisNexis Risk Solutions. "Following an especially challenging four years, U.S. insurers must closely monitor industry trends, including stabilizing claim severities, increased frequency of weather-related events, rate adjustments and whether the recent shopping by long-tenured customers has motivated these consumers to entertain future shopping events."
Download the latest U.S. Insurance Demand Meter.
LexisNexis U.S. Insurance Demand Meter
The LexisNexis® U.S. 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 U.S. consumer shopping and switching behavior based on its analysis of billions of consumer shopping transactions since 2009, representing nearly 90% of the universe of U.S. 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:
Annalysce Baker
LexisNexis Risk Solutions
Phone: +1 678.436.1579
annalysce.baker@lexisnexisrisk.com
Dean Carney
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5607
Dcarney@brodeur.com
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SOURCE LexisNexis Risk Solutions
Copyright 2024 PR Newswire
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