image credit: Pixabay

US auto insurers faced with soaring liability claim payouts – report

September 29, 2023

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.

Read More on Insurance Business