Could 2023 be the year of usage-based insurance?

on Dec 05, 2022 01:40:PM

Did you ever think you’d see a day where a company is actively turning away new business and not renewing existing customers? Such is the world we currently find ourselves in insurance, as raging inflation and increasing catastrophe frequency have sent the property/casualty industry’s top insurers fleeing the largest states in the union, with some carriers turning off new business acquisition entirely until premiums better align with loss risk. As demand for new business wanes, the performance marketing ecosystem has also suffered, with 4 straight months of negative year-over-year growth in online comparison shopping for auto insurance, according to Verisk Marketing Solution’s Auto Insurance Shopping Index.

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