After months of inflationary impacts making its way through rate in the Texas auto insurance market, the first signs of softening have arrived. While rates continued to increase overall, some carriers have taken reductions in small pockets or relaxed underwriting.
Homeowner markets continue to tighten however and the market should expect further rate increases as another carrier ceased new business last week. Hurricane Beryl will only add to the cost for homeowners. Here's a resent related article.
Here are some of the latest estimates of rate changes in the Texas Non Standard Auto insurance market.
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Rate Changes Detected in ITC:
Foremost – down 4%
Pronto – down 3% on full coverage
Phenix – down 3% on liability only
Apollo – up 4% on full coverage
Mendota – up 4%
Infinity – down 7% on liability only
Venture General – up 3% on liability only
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Rate Changes in SERFF:
Infinity – up 1%
Added an Endorsement Fee of $5
Mercury – up 3.3%
Encompass – up 20%
Elephant – down 1%
Clearcover – up 7.6%
OnStar Insurance changed name to GM National Insurance
Marketing To A New Generation
Marketing to Millennial and Gen Z is important to prepare your agency for the future. Here is a look at the changing lifestyle of young people.
71% of 18-24 years are now living with their parents and fewer young people are getting married at a young age. This changes when they search for auto insurance and from whom they seek advice.
Even 25-34 year olds are waiting longer to move up or get married.
Parental referral is very important to the younger generations. Encourage your current client base to suggest your services to their children as they grow into consumers.
On A Personal Note
I wanted to share about the arrival of our third grand child and my son and his wife's first. Donald A'Dair Owens V arrived last week near their home in Kodiak, Alaska. My wife and I are enjoying a week up in the cool air to celebrate with them.
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