Happy Wednesday! In this week's Big I Buzz: auto insurance premiums are revving up again, and Taylor Swift cancellations deal a blow to insurers.

Auto Insurance Premiums are Revving Up Again, Could Surge 22% By Year End

Auto insurance premiums are on the rise, with an expected 22% increase by the end of 2024. The average rate in the U.S. has already climbed to $2,329, a significant jump of 15% from 2023 and 48% since 2021. This surge is driven by factors such as the rising costs of new and used cars due to supply chain issues and high demand, increasing repair costs from a shortage of mechanics, and insurance companies trying to recover from past losses and climate-related damage. Read more here.

Taylor Swift Cancellations Deal Blow to Insurers

Insurers are facing millions in claims following the cancellation of three Taylor Swift concerts in Vienna due to a foiled attack threat. Some 195,000 fans had been expected to attend the concerts, with many traveling from abroad. Though specialist insurers at Lloyd’s of London and other providers will share the impact, policies typically cover such cancellations if additional terrorism coverage was purchased. Despite the potential tens of millions in losses, rescheduling could mitigate the financial blow. This incident, coupled with rising global tensions, may prompt insurers to adjust coverage terms for future event cancellations, especially related to terrorism risks. Read more here.

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