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14 December 2022Insurance

US motor policy costs rise again, now up 13.4% y/y

US motor insurance policy costs accelerated again in November, rising 13.4% versus November 2021, the second highest annual rate on record behind a 2021 recovery from pandemic rebates, a monthly inflation report from the  US Bureau of Labor Statistics (BLS) has indicated.

November is the eighth month of uninterrupted increase in the headline annual policy inflation figure from a 4.2% annual reading set in March. Policy inflation is double-digit for the third month running.

That puts motor insurance inflation ever further above the headline consumer inflation reading, which eased back another 0.7 points in November to a 7.1% annual rate, now well below its 9.0% peak from June.

Tenants' and household insurance, left seasonally unadjusted by BLS, has wavered within an arm’s length of zero throughout the year, now at a positive 0.6% in November, but still down fractionally on pre-pandemic levels.

The monthly move to the 7.1% headline inflation rate was driven by increases in the sub-index for shelter, more than offsetting decreases in energy costs, the BLS had said in its statement.

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