{"id":441786,"date":"2021-02-23T08:03:44","date_gmt":"2021-02-23T13:03:44","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=441786"},"modified":"2021-02-23T08:03:44","modified_gmt":"2021-02-23T13:03:44","slug":"lexisnexis-insurance-demand-meter-reports-growth-in-u-s-auto-insurance-q4-shopping-activity","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lexisnexis-insurance-demand-meter-reports-growth-in-u-s-auto-insurance-q4-shopping-activity\/","title":{"rendered":"LexisNexis Insurance Demand Meter Reports Growth in U.S. Auto Insurance Q4 Shopping Activity"},"content":{"rendered":"
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Trends suggest a return to normal shopping patterns heading into 2021<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n ATLANTA<\/span>, Feb. 23, 2021<\/span> \/PRNewswire\/ —\u00a0To help carriers understand the ever-changing market and offer benchmark insights, LexisNexis\u00ae Risk Solutions<\/a><\/u> released its latest Insurance Demand Meter, reporting on Q4 U.S. auto insurance shopping activity, as well as 2020 year-end trends. The Meter shows that both shopping and new business policy\u00a0volumes increased overall in the fourth quarter, and that despite the ups and downs throughout the year, 2020 ended relatively strong. The year concluded with an annual shop rate of 41%, which, while consistent with each quarter in 2020, is the highest since we began collecting the data. <\/p>\n

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\n Shopping activity is hot, but conversion appears tricky<\/b>\u00a0
The auto insurance shopping quarterly growth rate averaged 4.7% in Q4, ending the year relatively high at 10.9%. New business growth also increased from the end of the previous quarter to 3.9%, yet the year-over-year growth rate for the quarter was 0.6%, lagging behind shopping activity.\u00a0 <\/p>\n

“Considering all the events that shaped 2020, the fact that the market had some growth is a great benchmark for 2021,” said Tanner Sheehan<\/span>, associate vice president of auto insurance at LexisNexis Risk Solutions. “We’re already starting to see patterns emerge when it comes to stimulus check distributions, and we look forward to seeing how correlations like that continue to play out in the year ahead.” <\/p>\n

\n Gap remains between insured and uninsured shopping
<\/b>Although both the insured and uninsured segments experienced an uptick in December, shoppers with existing insurance grew 15.1% while those who were uninsured declined -7.6%. With COVID-19 stimulus packages distributed, 2020 concluding rates indicate early signs of an uptick in the uninsured shopper segment heading into 2021, which aligns with the trends we saw earlier in the year with the Q2 stimulus payouts. <\/p>\n

\n Additional key insights from Q4 include:<\/b>\n <\/p>\n