LexisNexis U.S. Insurance Demand Meter Reaches “Nuclear” as U.S. Consumer Auto Insurance Shopping, New Policy Growth Rates Continue to Surge | PR Newswire [Video]

, /PRNewswire/ — For the second consecutive quarter, the LexisNexis® U.S. Insurance Demand Meter recorded “Nuclear” levels of auto insurance shopping and new policy volumes, while the latter set a new record for growth since LexisNexis® Risk Solutions first began tracking U.S. insurance consumer shopping behavior more than a decade ago. Insurer-led marketing programs fueled activity among price-sensitive consumers who responded in droves to industry rate-taking. At the end of the quarter, nearly half (45%) of the U.S. policies-in-force were shopped at least once in the preceding 12 months, a result of the continued escalation of activity the market has witnessed over the past two quarters.

Key Takeaways

• Auto Insurance Shopping Surge: U.S. consumer auto insurance shopping grew by 31.2% year-over-year in Q3 2024, up considerably from Q2’s 16.1% growth.
• New Policy Volume Growth: New auto policy volumes increased by 25.9% year-over-year, an increase from Q2’s 19.5% number.
• Preferred Segments are More Active: Rate increases drove shopping among the 66+ demographic and preferred and long-tenured customers, …