US auto insurers have been seeing a dramatic surge in liability claim payouts as a result of social and economic inflation, according to a new study from the Insurance Information Institute (Triple-I).
It was found that the increase in personal and commercial auto insurer liability claim payouts had been $96 billion to $105 billion higher between 2013 and 2022.
During the same period, personal auto liability insurance saw a $61 billion rise in losses and defense containment costs (DCC), while commercial auto liability incurred an additional $35 billion to $44 billion due to mounting inflationary pressures.
