Intact's Auto Pricing Approach for 2024
Intact Financial Corporation expects to deliver a similar auto insurance result in 2024, with a combined ratio in the mid-90s, according to CEO Charles Brindamour.
At this stage, we’ve delivered exactly what we set in terms of guidance [in 2023], which is [a COR in auto lines of] mid 90s, 95-ish percent [and] we expect we will be in that zone [in 2024]
In 2023, Intact delivered a combined ratio of 94.7% in its auto insurance business. The company anticipates that inflation rates will continue to be an issue in 2024, contributing to higher auto parts prices and repair costs.
Overall, you’re seeing mid-single-digit inflation at this stage and [we] expect it’ll fluctuate around that in 2024
Author's summary: Intact plans to maintain mid-90s combined ratio in 2024.