2020 Webinar - The Shifting Vehicle Fleet and its Impact on Safety and Insurance - October 27

The US vehicle fleet has undergone radical transformations over the last 30 years. Vehicles are more crashworthy than ever and increasingly are fitted with technologies to prevent crashes. However, they are also more powerful, pricey, and complex to repair. Additionally, as consumer tastes have changed, the types of vehicles in the vehicle fleet have evolved. In model year 1983, SUVs comprised just 3 percent of new vehicles. By model year 2019, that number had grown to 51 percent, mostly supplanting cars in the fleet. Luxury vehicles have also become more popular, going from 7 percent of model year 1983 vehicles to 15 percent of model year 2019 vehicles. Finally, alternatives to naturally aspirated gasoline engines are also increasing in popularity. All these changes are associated with shifts in claim frequencies, claim severities, or both.