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Chart of the Day: 20% Increase in Insurance

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer Apr 2, 2024
Chart is a green bar-graph illustrating the monthly percent change of the cost of motor vehicle insurance from January 2022 to January 2024. Those costs rose every month last year, leading to the highest one-year spike since 1976.

Contents

Today’s Chart is from Charlie Bilello, with data from the US Bureau of Labor, showing that auto insurance has increased more than 20% from last year.  

This is the most significant one-year spike since 1976 and it is caused by several factors.

First is simply the escalating cost of cars, second is the subsequent higher cost to repair those cars, and third, in Florida’s case, the attempt to recoup losses from Hurricane Ian.
Chart of the Day

About the Author

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer
Samuel A. Kiburz, Senior Vice President, Chief Investment Officer

Samuel serves as Senior Vice President, Chief Investment Officer for the Crews family of banks. He manages the individual investment holdings of his clients, including individuals, families, foundations, and institutions throughout the State of Florida. Samuel has been involved in banking since 1996 and has more than 20 years experience working in wealth management.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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