Despite recent increases in auto insurance rates, the market is still soft, according to Elyse Greenspan, a managing director at Wells Fargo.
"The increase sequentially was very modest," Greenspan said in an interview.
As the amount of driving consumers did fell, auto insurers refunded $14 billion in premiums last year, according to the Insurance Information Institute.
However, the most recent consumer price index data showed the auto insurance index up 16.9% in May, following a 6.4% rise in April — the first increases since March 2020.
Auto insurers are facing a number of challenges as the econonmy reopens.
Elyse Greenspan, Greenspan
Insurance, Auto, Workers
Lexington , Miss, Wells Fargo