Illinois PIRG is wrong in its evaluation of what has occurred in Illinois’ auto insurance coverage market because the pandemic swept throughout the nation.
These calling for extra premium givebacks solely give attention to the short-term interval when driving declined on account of COVID-related cutbacks. This isn’t how insurance coverage pricing works, as insurers and regulators at all times have a look at long-term patterns impacting driving and loss traits.
2020 was clearly an anomaly. Focusing solely on 2020 overlooks the larger image of long-term traits.
For example, the Illinois private auto insurance coverage mixed ratio — which measures claims