A new S&P Global report says U.S. private auto insurers are seeing record levels of underwriting losses. There are a number of factors contributing to this, according to Patty Kwan, S&P Global Ratings director. This includes an increase in distracted driving, poor road conditions, higher costs to repair cars, and increased medical claims. The U.S. private auto insurance industry has experienced three consecutive years of underwriting losses, with $15.8 billion in losses in 2023 alone. As long as auto insurers have to pay, policies will go up. Ms. Kwan lays out the timeline on when insurers could see improvements and return to even.