For those of us who specialize in trend analysis, the first half of 2022 has yet again kept us on our toes. We have observed recent developments create or exacerbate headwinds for our clients and business partners in the property casualty and auto collision industries, including but not limited to historic inflation of auto repair/replacement […]
It’s no secret that the insurance industry is shifting to increased digital engagement with consumers to streamline the claims process. The innovation shift has accelerated in the post-pandemic landscape along with the desire to inject AI and automation into as many steps as possible. This urgency has further compounded with recent volatility including rising medical […]
The June 2022 Bureau of Labor CPI reported consumer prices rose 9.1 percent from one year prior (Figure 1).[1] A key component driving up inflation continues to be the cost of gasoline, which reached $5.03 per gallon in June 2022. The Federal Reserve continues to raise rates to help counter soaring inflation, and prices on […]
In Q1 2022, battery-electric vehicle sales in the U.S. ramped up sharply, accounting for 4.6 percent of the new light-vehicle registrations, versus 2.6 percent for full year 2021 and 1.5 percent for full year 2020.[1] California continues to lead in terms of EV share of new vehicle registrations, with EV’s accounting for nearly 15 percent […]
In this issue of CCC Trends we revisit several key topics covered in our Crash Course 2022 publication (in case you missed it, you can download the report here) : Changes in driving behaviors and the impact to frequency and severity of auto accidents; Supply versus demand imbalances and the impact on U.S. inflation; and […]
In 2021, more than four in 10 Americans lived in a county hit by climate-related extreme weather, and 80 percent lived in places that experienced a multi-day heat wave.[1] The cost of these disasters has added up substantially and so far in 2022 there’s little relief on the horizon. Historically, extreme weather events are less […]
This month’s CCC Trends report is an in-depth look at the growing complexity of collision repairs given the proliferation of new technology in cars today. Anywhere from 20 to 60 percent of vehicles today have at least one Advanced Driver Assistance System feature. Backup cameras, blind spot monitoring, automatic emergency braking, forward collision – the […]
Vehicle repair and total loss costs have been on the rise. Surging new and used vehicle prices, the growing complexity of the cars themselves, and supply chain disruptions driving inflation in the cost of replacement parts are widely attributed to the jump. Here’s a deeper look at some of the market forces behind the shift: […]
As we head into 2022, the momentum for change is perhaps larger than we’ve seen in many years. The COVID-19 pandemic accelerated consumer and business adoption of technologies from mobile, to cloud, to AI, to more. Despite the rapid adoption of innovations, many of the top stories of 2021 underscored the interruptions caused by the […]
Over the last two years, the collision repair industry has faced an environment of fewer repairs, increased technician shortages, growing vehicle complexity, and increased demand among customers for a digitized experience. The collision repair industry also continues to see increased consolidation across all parts of the industry, as demands for capital investment for training […]
