Surge in U.S. Auto Insurer Claim Payouts Due to Economic and Social Inflation (Insurance Information Institute)

Surge in U.S. Auto Insurer Claim Payouts Due to Economic and Social Inflation

  Tuesday, October 3rd, 2023 Source: Insurance Information Institute

The latest Insurance Information Institute (Triple-I) research indicates that between 2013 and 2022, economic and social inflation fueled a $96 to $105 billion increase in combined claim payouts for U.S. personal and commercial auto insurer liability.

The report ‘Impact of Increasing Inflation on Personal and Commercial Auto Liability Insurance’ outlines Triple-I’s continued exploration of the impact of social inflation on insurer costs and claim payouts. The study proposes that increasing inflation drove loss and DCC (defense containment costs) higher in both insurance linesââéČ‘ by 6.5 percent ($61 billion) of total loss and DCC for personal auto and by 19 to 24 percent ($35 to $44 billion) for commercial auto.

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