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Industry groups tell Judiciary Committee inflation, repair costs and litigation are driving higher premiums
Summary
Representatives from APCIA and NAMIC told the House Judiciary Committee that rising repair and medical costs, labor shortages and litigation trends are key drivers of higher homeowners and auto premiums and urged policies that support actuarially sound pricing and mitigation measures.
Industry groups representing property-and-casualty insurers framed market pressures for the House Judiciary Committee on Jan. 27, pointing to inflation in construction and repair costs, longer repair times, and litigation trends as the principal drivers raising homeowner and auto premiums.
Nancy Egan of the American Property Casualty Insurance Association (APCIA) told the committee that construction-material costs rose about 44.2% and labor costs about 38.6% over a five-year period and that auto-parts costs rose roughly 44.3% while used-car values rose about 33% in the same…
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