2022 Sees Drop in Auto Insurance Premiums as Affordability Increases

In 2022, personal auto insurance premiums represented a smaller share of the median household income, indicating improved affordability for consumers. This marked the most favorable conditions for auto insurance expenses since the early 2000s. The decrease in premiums could be attributed to various market factors, including competition and a reduction in claims.

In a related news item, W. R. Berkley Corporation confirmed that Mitsui Sumitomo Insurance Co. plans to acquire 15% of its shares in either open market or private transactions. This strategic move reflects Mitsui Sumitomo's interest in deepening its stake in the U.S. insurance market.

Overall, these developments signal changes in the insurance landscape, particularly concerning consumer costs and corporate investments. The information provided may support better decision-making for consumers and investors alike.