LexisNexis Insurance Demand Meter Shows Continued Downward Pressure in U.S. Auto Insurance Shopping Patterns

ATLANTA, Aug. 11, 2022 /PRNewswire/ -- The latest edition of the LexisNexis® Risk Solutions Insurance Demand Meter reports that the annual U.S. auto insurance shopping growth rate, which includes shopping and new policies, dropped for the fourth consecutive quarter for the first time since LexisNexis Risk Solutions began releasing these quarterly metrics. Shopping was down 2.0% in Q2 2022 versus Q2 2021 as the industry continues to face significant headwinds, including rising claims costs forcing insurers to continue to implement rate increases in many U.S. states. On the consumer side, inflationary pressures and vehicle shortages are leaving many potential shoppers on the sidelines where they might have traditionally shopped their policies.