Auto and Property Insurance Shopping Continue to Diverge; Both Younger and Riskier Consumers Increase Auto Shopping: Transllnion report reveals the personal lines insurance marketplace shows signs of returning to pre-pandemic levels.


* Auto and property insurance shopping continued to diverge in Q2 2021 as factors such as low mortgage rates, pandemic-driven nesting and supply chain disruptions impacted these industries differently. TransUnion's (NYSE: TRU) latest Personal Lines Insurance Shopping Report also found a resurgence in auto insurance shopping for higher risk consumers as well as the Millennial and Gen Z generations.

Throughout Q2 2021, property insurance shopping has consistently been higher than auto insurance shopping. The three-week moving averages for property insurance have generally been between 5% and 15% higher than the previous year. In comparison, the threeweek moving average for auto insurance shopping has been mostly flat to 5% higher than one year ago. During the most recent week included in the report - July 4, 2021 - the three-week moving average for property insurance shopping rose 7.2% compared to the previous year. In this same timeframe, auto insurance shopping rose 2.9%.

"It's a positive sign to see an increase in both property and auto insurance shopping. While property insurance shopping has been partly buoyed by a strong housing market and low interest rates, auto insurance shopping has clearly been slower to recover partly due to constrained inventories of new automobiles," said Mark McElroy, executive vice president and head of TransUnion's insurance business. "More automobile insurance shopping may soon be on the horizon as we are seeing an increase in such activity by younger as well as higher risk consumers."


The Report highlighted how many nonstandard insurance customers - those who have lower TransUnion TrueRisk auto insurance risk scores were forced to go uninsured or underinsured during 2020 due to economic hardship. With employment improving and tax rebates and stimulus payments now available, those customers may now be in the market for auto insurance once again.

In fact, consumers with a TrueRisk score between 300 and 500 saw their three-week shopping rate average increase by 9.2% during the week of July 4, 2021. Similar and even higher shopping rates occurred for most of the second half of Q2...

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