Auto Insurance Shopping Reaches New High in Q1 2024
2024年5月21日 - 9:00PM
The number of U.S. consumers who shopped for auto insurance in Q1
2024 increased by 6% YoY, compared to Q1 2023. This represents
a five-year Q1 high and a continuation of strong growth in shopping
observed in Q4 2023, according to new research from TransUnion
(NYSE: TRU).
This trend bolsters hopes that the personal lines insurance
industry will move toward profitability in 2024. However, the
current high interest rate environment continues to strain
consumers’ wallets and dampen the housing market, which creates
challenges for property insurance carriers. These insights and more
are part of TransUnion’s latest quarterly Insurance Personal Lines
Trends and Perspectives Report.
“As insurers see improved profitability, it’s likely that some
will cautiously increase investments in customer acquisition,” said
Stothard Deal, vice president of strategic planning for
TransUnion’s insurance business. “It will be paramount that they
maximize those investments by identifying the best audiences, based
on their likelihood to purchase as well as their overall risk
levels.”
Shopping by geographyThe report found consumers
from the West and Midwest regions were particularly active in Q1
2024, marking a shift from the previous year when all regions,
except the Northeast, had proportionately equal change in the
numbers of auto insurance shoppers. Rising costs of living in both
regions were likely the motivating factor.
The Midwest, which has historically had the lowest average
premiums, experienced the most significant rate increase in the
past two years. In addition, lower income levels and inflation have
consumers in this region looking for ways to save money.
Consumers from states in the West are already accustomed to
higher costs of living but have experienced increasing pressure
from inflation. In addition, carriers have raised premiums or
implemented underwriting restrictions, forcing many to shop for
alternatives.
On a positive note, consumers are still eager to purchase new
and used vehicles, which will also benefit auto insurance shopping.
Approximately 23% of consumers have indicated plans to purchase or
lease a vehicle to replace an existing one within the next 12
months, an increase from the 17% who said so in 2023.
Interest rates suppress property insurance
shopping
While auto insurance shopping increased in Q1 2023, property
remained flat at 0% YoY, though recovering from a seasonally lower
fourth quarter. Activity was further hindered by mortgage rates
that approached 8% by the end of 2023. This caused more consumers
to opt out of purchasing new homes or parting with existing homes
financed under more favorable rates.
The report notes that industry experts expect rates to come down
to 6.4% in 2024, which may bring more potential homebuyers to the
market. In the meantime, the most active shoppers currently are
those with the highest credit-based insurance scores (indicating
lower risk); belonging to younger generations, such as Gen Z and
Millennials; and predominantly from the West and Midwest
regions.
Leveraging this kind of demographic data, along with other
consumer attributes, can help insurers find their best audiences
for marketing campaigns. TransUnion’s TruAudience® solution line
provides robust identity-based data to reach consumers most likely
to convert.
Click here to read the latest Insurance Personal Lines Trends
and Perspectives Report.
About TransUnion’s Insurance Personal Lines Trends and
Perspectives ReportThis quarterly publication examines
trends in the personal lines insurance industry, including
shopping, migration, violation, credit-based insurance stability
and more. The Trends and Perspectives Report research is based
almost entirely on TransUnion’s extensive internal data and
analyses. It includes information on insurance shopping
transactions from October 2022 to March 2024. However, the report
excludes shopping data from insurance customers in California,
Hawaii (auto), Massachusetts (auto), and Maryland (property), where
credit-based insurance scoring information is not used for
insurance rating or underwriting.
About TransUnion (NYSE: TRU) TransUnion is a
global information and insights company with over 13,000 associates
operating in more than 30 countries. We make trust possible by
ensuring each person is reliably represented in the marketplace. We
do this with a Tru™ picture of each person: an actionable view of
consumers, stewarded with care. Through our acquisitions and
technology investments we have developed innovative solutions that
extend beyond our strong foundation in core credit into areas such
as marketing, fraud, risk and advanced analytics. As a result,
consumers and businesses can transact with confidence and achieve
great things. We call this Information for Good® — and it leads to
economic opportunity, great experiences and personal empowerment
for millions of people around the
world. http://www.transunion.com/business
Contact |
Dave BlumbergTransUnion |
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E-mail |
david.blumberg@transunion.com |
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Telephone |
312-972-6646 |
TransUnion (NYSE:TRU)
過去 株価チャート
から 5 2024 まで 6 2024
TransUnion (NYSE:TRU)
過去 株価チャート
から 6 2023 まで 6 2024