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.
Tag: commercial auto insurance
Study: 78% in Commercial Auto Insurance Business Researching Telematics
Approximately four of five (78%) commercial auto insurers are in the research phase of preparing for usage-based insurance products, but are not ready to implement the technology.
Across America Insurance Services Announces New Products, Partnership with INSTANDA
Across America Insurance Services, a wholesaler in the truck insurance industry, today announces the launch of a new line of commercial auto products powered by INSTANDA, a digital platform provider that enables carriers and MGAs to create, build and implement complex insurance products with agility.
Hard Market Rates Continue with Average Premium Renewal Rates Up for Most Major Commercial Lines
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation.
Average Commercial Lines Renewal Rates Up Y-O-Y
IVAN’s first quarter results of 2023 showed premium renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year.
Fairmatic Raises $46M to Drive AI Innovation in Commercial Auto Insurance
AI-powered commercial auto insurance company Fairmatic today announced it has raised $46 million in new funding
Behind the Wheel of Transportation Insurance
Transportation insurance programs provide a range of standard and unique business insurance coverages for transportation-related businesses. Transportation is a massive industry with many companies providing services that transport cargo and passengers using planes, trains, trucks, and buses to carry people. Transportation infrastructure includes airports, seaports, train stations, and highway rest areas. Companies fall into two… Continue reading Behind the Wheel of Transportation Insurance
U.S. Commercial Auto Q1 Premiums Make Significant Jump Over 5 Years
According to an S&P Global Market Intelligence analysis, direct premiums written for the liability business line by U.S. commercial auto insurers in the first quarter were significantly higher than in the same period in 2018. Year over year, liability direct premiums written in the first quarter increased to $12.37 billion from $10.39 billion. Direct premiums… Continue reading U.S. Commercial Auto Q1 Premiums Make Significant Jump Over 5 Years
Triple-I, CAS Quantify Social Inflation’s Impact on Commercial Auto
The phenomenon known as “social inflation” accounted for $20 billion in commercial auto liability claims between 2010 and 2019, a new study by Triple-I and the Casualty Actuarial Society (CAS) finds. Social inflation isn’t a new term. Warren Buffett used it in the 1970s to describe “a broadening definition by society and juries of what… Continue reading Triple-I, CAS Quantify Social Inflation’s Impact on Commercial Auto
Commercial Auto Insurers Face Inflation and Loss Severity, Impacting Positive Growth
According to a new AM Best report, a return to pre-pandemic norms in the nonstandard auto insurance segment in the United States, with higher loss-cost pressures, elevated inflation, and supply chain issues, may counteract recent positive market trends. According to Best’s Market Segment Report, “Inflation and Loss Severity Counteract Tailwind from Pandemic Recovery for Nonstandard… Continue reading Commercial Auto Insurers Face Inflation and Loss Severity, Impacting Positive Growth