How catastrophes change the game
Industry behaviors and the challenges in a fluctuating auto market.
Senior Vice President of Claims and Recovery, Anne Holtzman, led a webinar about natural disasters and the impact they have on total loss. Natural disasters continue to be a national concern as statistics from the last 5 years have shown an upward trend in disaster frequency and severity. For this reason, it is important for lending institutions to think proactively and plan ahead. Below we highlight the main points shared during the webinar.
Factors Impacting Auto in 2019
Consumers are facing increasing premiums and costs on their vehicle, while lenders face changing industry practices, especially with compliance at the state level during a catastrophe.
1. Car Sales Increase
The growing economy has seen an increase in new car purchases, which means cars on the road are newer and more valuable than ever before. However, safety features and increased computerization in new cars are pressuring insurance companies to pay out more to their consumers to cover these complicated and technology-driven repairs.
continue reading »