Tech Mahindra, a global provider of technology consulting and digital solutions, announced a strategic partnership with Canal Insurance Company, a subsidiary of Canal Financial Group. The collaboration aims to accelerate digital transformation in the Commercial Auto (Trucking) and Property & Casualty (P&C) insurance market across North America. Partnership Focus The partnership combines Tech Mahindra’s Guidewire,… Continue reading Canal Insurance and Tech Mahindra Form Strategic Partnership to Advance Digital Transformation in P&C Commercial Auto Insurance
Tag: commercial auto
CIAB: Premium Increases Flat to Down Q1 2024
Premium increase moderation continued this quarter, with premiums across all account sizes increasing by 7.7%, slightly up from the previous quarter’s 7.0%. It was the 26th consecutive quarter of increases.
Nationwide Insurance Survey: Drivers Continue to Be Distracted
The latest driving behaviors survey from Nationwide polled standard drivers and commercial drivers and revealed additional risky behaviors that are impacting all drivers on the road.
Pre-Pandemic Woes Return to U.S. Commercial Auto Insurance Segment
Underwriting losses in the U.S. commercial auto insurance segment soared to $3.3 billion in 2022 following near-breakeven results in the previous year, according to a new AM Best report.
Commercial Pricing, Auto Results Support U.S. P/C Insurer 2022 Profits
Continued favorable commercial lines pricing and stabilization in personal auto results will lead to 2022 underwriting and profit improvement for U.S. property casualty (P/C) insurers, Fitch Ratings says in a new special report. However, surplus growth is likely to diminish significantly relative to the past three years. The P/C industry saw a slight deterioration in… Continue reading Commercial Pricing, Auto Results Support U.S. P/C Insurer 2022 Profits
Majority of January Commercial Lines Renewals See Lower Rates
IVANS® today announced the January 2022 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Commercial Property and Umbrella. Commercial Auto,… Continue reading Majority of January Commercial Lines Renewals See Lower Rates
Commercial Auto Claims Costs Fueled by Attorney Involvement: Study
According to a study conducted by the American Property Casualty Insurance Association (APCIA) and Milliman, attorney involvement in commercial auto insurance claims has increased in recent years, as have costs and resolution times. The report discovered a 21.3 percent increase in total losses between 2015 and 2019, bringing the average cost to $149,494 after analyzing… Continue reading Commercial Auto Claims Costs Fueled by Attorney Involvement: Study
Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up
IVANS® today announced the October 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates rose for lines of business including Business Owner’s Policy (BOP), Commercial Property,… Continue reading Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up
Travelers Introduces IndustryEdge® Program for Professional Services
The Travelers Companies, Inc. today announced the launch of IndustryEdge for Professional Services. This tailored business insurance solution offers coverages including general liability, property, commercial auto, workers compensation, professional liability and cyber to help customers mitigate industry-specific risks such as data breaches, theft and lawsuits. IndustryEdge for Professional Services is specially designed to meet the… Continue reading Travelers Introduces IndustryEdge® Program for Professional Services
Average Premium Renewal Rates Continue to Harden Across Nearly All Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the August results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a negative change in premium. Month over month, August premium renewal rates experienced… Continue reading Average Premium Renewal Rates Continue to Harden Across Nearly All Major Commercial Lines