ATLANTA — LexisNexis® Risk Solutions released its Latest Insurance Demand Meter, which reports Q2 U.S. auto insurance shopping activity. According to the Meter, auto insurance shopping and new business growth rebounded in May and June after an out of the ordinary drop in late March and early April due to COVID-19 shutdowns and the impact from civil unrest and other widespread national events. However, there was little impact on the annual shopping rate, which remained strong for both Q1 and Q2.
“The positive growth in the Q2 numbers are a testament to the insurance industry’s commitment during challenging times,” said Tanner Sheehan, associate vice president of auto insurance at LexisNexis Risk Solutions. “Despite significant headwinds on multiple fronts, the industry continues to prove its stability and preparedness for the unforeseen.”
Key insights from the Second Quarter
“Cancellation moratoria imposed by carriers at the height of the COVID crisis will be expiring, state governments are reopening and issuing more driver’s licenses, and carriers are starting to file for rate decreases,” said Sheehan. “These are all signs that shopping has strong potential to pick up as the quarter progresses.”About the LexisNexis Insurance Demand Meter
To download the Q3 2020 report, click here.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. 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 and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.