The Insurance Information Institute (Triple-I) has reported improvements in personal auto profitability, although these gains may take time to impact premium rates. According to Triple-I's newly published Issues Brief, "Trends and Insights: Personal Auto Insurance Rates," the 2023 net combined ratio for auto insurers was 104.9, a 7.3-point improvement over 2022. Additionally, the net written premium growth for 2023 reached 14.3%, the highest in over 15 years and six points higher than the next-highest during that period.

"Auto insurers’ 2023 net combined ratio of 104.9 is 7.3 points better than 2022. Additionally, 2023 net written premium growth of 14.3% is the highest in over 15 years and six points higher than the next-highest during that period, reflecting rate increases to offset inflationary loss costs," according to the report.

However, several challenges continue to affect the industry:

- Rising accident frequency and severity

- More fatalities and injuries leading to increased lawsuits

- Supply-chain issues and high labor costs

- More costly auto repairs due to increased technological sophistication in vehicles