Top 10 Trends from the Mitchell 2016 P&C Conference
7 MIN READ
At the 2016 Mitchell Property and Casualty Conference, keynotes, breakouts and everything in between were focused on technology and social trends that are changing the way we interact with one another and do business. From augmented reality to information security, here are 10 of the many trends that were top of mind at the conference.
Average Length of Rental for Repairable Vehicles: Q3 2016
4 MIN READ
Continuing a recent trend, U.S. Length of Rental (LOR) increased by .5 days in the third quarter versus the same period the previous year (11.4 to 11.9) powered by a surge in claims frequency and an escalation of complex repairs. The regional results are very similar to those from the second quarter with the Southwest nearly two days longer than the U.S. average at 13.8 days, an increase of 1.3.
Mitchell Total Loss Data: Q1 2017
1 MIN READ
The chart below illustrates the total loss data for both vehicle age and actual cash value of total loss vehicles processed through Mitchell servers.
Five P&C Hot Topics and the Trends Fueling Them
6 MIN READ
Does virtual reality have practical applications for the P&C and collision repair industries? While it may be too soon to say what the overall impact will be, we are seeing interesting applications that go beyond entertainment. Virtual reality is being used to train doctors, create architectural models, and test the safety of new car models in a virtual setting before manufacturing them. It’s easier to see the potential benefits of augmented reality.
Average Length of Rental for Repairable Vehicles: Q1 2017
5 MIN READ
The rate of average Length of Rental (LOR) growth declined in Q1 of 2017 for the first time in multiple quarters increasing only a modest .2 days from 11.9 to 12.1. In March, the number was flat, the first month without a year over year increase in more than two years. The data demonstrates very little consistency across and within regions, therefore there doesn’t appear to be a true U.S. trend.
Motor Vehicle Markets: Q1 2017
4 MIN READ
The tale of two markets resumed in March, as wholesale prices were below year-ago levels for cars and above prior year for trucks. Nevertheless, both groups showed price increases versus February’s unseasonably soft results, as retail sales and wholesale activity showed signs of the traditional spring/tax season market typical for used vehicles.
Mitchell Collision Repair Industry Data: Q1 2017
6 MIN READ
The initial average appraisal value, calculated by combining data from all first and third-party repairable vehicle appraisals uploaded through Mitchell systems in Q1 2017, was $3,018, $4 less than this same period last year. However, continued development suggests a final Q1 2017 average appraisal value of $3,047, which represents an increase of the same quarter last year.