Current State of the Auto Insurance Market

Summary

Presentation slides titled Current State of the Auto Insurance Market, headed with the Washington Senate Business, Financial Services, Gaming & Trade Committee. The slides name Brandon Vick, Regional Vice President, Pacific Northwest Region, and are dated November 30, 2023. They list cost drivers under the headings Riskier Roads, Rising Repairs and Dangerous Driving, such as more distracted driving, more expensive parts and more theft and fraud. A closing section lists potential solutions, including promoting sound underwriting, embracing consumer choice and protecting consumer data access.

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Issuer: Congressional materials
Document type: 2023 11 30 A31494 D263000 Namic Current State Of The Auto Insurance Market
Date: 2023-11-30
Case: 2023 11 30 A31494 D263000 Namic Current State Of The Auto Insurance Market

Cite this document

“Current State of the Auto Insurance Market.” Original at app.leg.wa.gov, dated 2023-11-30. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-11-30-2023-11-30-a31494-d263000-namic-current-state-of-the-auto-insurance-market/, SHA-256 683db055e850bbf19a8111e7b782c7da47f42be63eb8bc7af5bdb48fc3837286.

Full text

CURRENT STATE OF THE AUTO INSURANCE MARKET
 WASHINGTON SENATE BUSINESS, FINANCIAL SERVICES, GAMING & TRADE COMMITTEE




                              Brandon Vick
              Regional Vice President, Pacific Northwest Region
                             November 30, 2023
                                                     COST DRIVER: RISKIER ROADS

 - More Drivers on the Road
 - More Distracted Driving
 - More Speeding, Crashes, and Deaths




 - Continued and Potentially More Impaired Driving
                                                                            *Graph data: US Department of Transportation


NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES                                                                   [2]
                                                     COST DRIVER: RISING REPAIRS

 - More Expensive Vehicles
 - More Expensive Parts




 - More Expensive Repairs/Processes
 - Increased Technology/Specialty Repairs

NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES                                 [3]
                                                COST DRIVER: DANGEROUS DRIVING

 - More Extreme Weather
 - More Expensive Medical Care
 - More Theft & Fraud
 - Uninsured Motorists




NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES                               [4]
                                                     POTENTIAL SOLUTIONS

 - Promote Sound Underwriting
 - Embrace Consumer Choice
 - Protect Consumer Data Access
 - Remove Restrictions on Discounts & Rebates
 - Preserve or Enhance Insurer Ability to Use Driving Records
 - Enhance Study, Education, and Enforcement of Auto-Related Laws




NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES                         [5]
QUESTIONS?

                     Brandon Vick
          Regional Vice President
         Pacific Northwest Region
                 bvick@namic.org

File and source

File: 2023-11-30_a31494_d263000_namic-current-state-of-the-auto-insurance-market.pdf
Size: 237,417 bytes
SHA-256: 683db055e850bbf19a8111e7b782c7da47f42be63eb8bc7af5bdb48fc3837286
Our copy: 2023-11-30_a31494_d263000_namic-current-state-of-the-auto-insurance-market.pdf
Original: app.leg.wa.gov