BestWeek: Motorcyclists' Age, Affluence Trending Upward -- And So Are Accidents

America's motorcyclists are trending away from the old stereotype of the leather-jacket-wearing thug. Today, motorcycle riders are more educated and more affluent than they've ever been before. But this means the insurance risk is rising, according to an exclusive story in BestWeek U.S./Canada. "There's been a huge shift over the last 20 years, perhaps even longer," says Rick Stern, motorcycle product manager for Progressive, which says it is the largest U.S. writer of motorcycle policies. "Today, we're seeing that motorcycle riders are more educated and more affluent than they've ever been before."
Brian Opoloski, director of product management for Foremost Insurance, a unit of Farmers Group, said judging by both sales and registrations, there are lot more bikes on the road today. "And there are a lot more writers, too," he said.
Also in BestWeek Europe:
There is growing confidence within the London market that it is gaining ground in establishing contract certainty as cornerstone in its international competitive position.
Also in BestWeek U.S./Canada:
Larry Frakes, United America Indemnity's recently appointed president and chief executive officer, says the insurance sector is battling softening market trends, but the excess and surplus lines world remains an attractive market for the short and long term.
And in both editions of BestWeek:
The Best's Global Insurance Composite Index finished the week of July 19 up 22.68% from a year ago. The composite index reflects the performance of 180 insurance stocks. The week's top performers were China Insurance International, Alfa Corp., Penn Treaty American, Humana, and Meadowbrook Insurance Group.
The bottom five performers were Gainsco, Novae Group, IPC Holdings, Safety Insurance Group, and Commerce Group.
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