The auto insurance industry is facing significant challenges with rising premiums and fraudulent activities. A record 14% of drivers currently do not have car insurance, a figure that has increased nearly 30% since 2019. This trend could potentially lower the Consumer Price Index (CPI) as fewer drivers carry insurance. Additionally, the industry is combating a surge in fraud, with cases involving 'shallowfake' images of car damage increasing by 300% in the past year. These fraudulent activities, often facilitated by AI technology, are contributing to the escalating costs of car insurance.
Car insurance prices could rise amid epidemic of drivers using AI technology to make fake crash claims https://t.co/YaQG70t5vo
From @Breakingviews: A record number of storms are forecast in the United States this year, and coastal states' insurance markets are already weak. @rob_cyran explains how that could lead to declining property values https://t.co/jjvm9ZvfnL https://t.co/RUSt5ByMFI
From @Breakingviews: @rob_cyran explains how climate change is raising already hefty premiums for homeowners, and how that could lead to declining property values https://t.co/iKtZXFy7HE https://t.co/H0R1d0VR6Q
Soaring #InsuranceCosts Could Force #HousePrices To Fall—and Some #Homeowners To Forgo Coverage via @realtordotcom https://t.co/YWJV7gnjV9 #RealEstate #RealEstateAdvice
'Insurance companies need to go back in time and stop trusting technology.' Former BBC journalist, Danny Kelly, on the new wave of car insurance scams whereby fraudsters are using AI to forge artificial damage in claim photos. https://t.co/bXAH3g2FnO
Doctoring images to fabricate car crash damage is the “latest big scam” pushing up insurance costs, the industry has warned ⬇️ https://t.co/am7RnwiOIE
Warning that 'shallowfake' images are the 'next big scam' to hit Britain: Fraudsters are mocking-up pictures of car damage to con insurers - with number of cases surging by 300 PER CENT in a year https://t.co/9G9TvbWKKY https://t.co/wa6yhlxe0e
This is one way for drivers to deal with surging #autoinsurance rates 👇 - by the way, technically, this should lower #CPI, as the basket weight should drop if fewer drivers carry insurance Yikes 😳 @fs_insight https://t.co/5d2DS0u71I #wednesdaythought https://t.co/F1pgnJjyo1
Auto insurance premiums are at all-time highs. BUT my bet is that they will rise even further. It's not rocket science—It's data: Today, a record 14% of drivers do not have car insurance. Un-frickin-insured. Craziest part? That number is up nearly 30% since 2019 (!) But…