New report on state of insurance rating during COVID-19 released

The coronavirus outbreak has had an impact on the business coming through insurance agencies and carriers over the past month, with the week of April 13 specifically seeing quoting volumes 34% below expectations, according to Insurance Technologies Corporation’s (ITC) latest “State of Insurance Rating COVID-19 Weather Report.” However, as stimulus checks hit Americans’ bank accounts throughout the week, Tuesday’s quoting volume increased by 35% to come in at 28% below expectations while the rest of the week averaged 17% below expected quoting volumes. The last four weeks of ITC’s weather reports on insurance rating have revealed a few key trends about quoting volumes.