Sharply higher costs to repair and replace vehicles will cause insurance companies’ underwriting profit margins to narrow significantly, projects S&P Global Market Intelligence’s annual US Auto Insurance Market Report. Published by S&P Global Market Intelligence’s Financial Institutions Group (FIG) Research team, the report spotlights the unprecedented effects of Covid-19 on the personal and commercial auto… Continue reading Auto and Truck Insurers Confront Rapidly Rising Claims Costs: S&P Global Market Intelligence
Tag: commercial auto insurance
Texas House Bill Could Shield Companies from Liability after Commercial Vehicle Crashes
People affected by crashes causing bodily injury or death involving commercial motor vehicles would find it harder to win damages from companies under a bill that was approved by the Texas House and is making its way through the Senate. Commercial motor vehicles include 18-wheelers, Uber and Lyft vehicles, delivery trucks and any other vehicle… Continue reading Texas House Bill Could Shield Companies from Liability after Commercial Vehicle Crashes
Average Renewal Rates Experience Uptick Across Nearly All Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the April 2021 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 stayed negative. Month over month, premium renewal rates for lines of business including… Continue reading Average Renewal Rates Experience Uptick Across Nearly All Major Commercial Lines
Progressive Expands Commercial Lines Products with Acquisition of Protective Insurance
The Progressive Corporation and Protective Insurance Corporation today announced that they have entered into a definitive agreement under which Progressive has agreed to acquire all of the outstanding Class A and Class B common shares of Protective for $23.30 per share in cash, for a total transaction value of approximately $338 million. The acquisition is… Continue reading Progressive Expands Commercial Lines Products with Acquisition of Protective Insurance
AXA XL and Xtract Partner to Digitize Commercial Auto claims
AXA XL’s insurance business has entered into a multiyear partnership and licensing agreement with Xtract to digitize, expedite and transform the commercial auto claims management process in the US. According to AXA XL Chief Claims Officer Brent Hoffman, “Xtract enables our claims team to quickly gather and evaluate all data that is available on an… Continue reading AXA XL and Xtract Partner to Digitize Commercial Auto claims
Pandemic Impact on Personal and Commercial Auto Insurance: Deloitte
With people generally driving a lot less due to the pandemic, personal and commercial auto insurance carriers should expect to see a steady decline in premiums written for the next several quarters, and perhaps even for years. But given the lower traffic density, profitability could get a boost since fewer accidents would likely result in… Continue reading Pandemic Impact on Personal and Commercial Auto Insurance: Deloitte
Market Continued to Harden in Q4 2019: CIAB Survey
The market continued to harden in Q4 2019, according to The Council of Insurance Agents & Brokers’ quarterly Commercial Property/Casualty Market Survey. Respondents reported rising premiums for all account sizes and all lines of business, with the exception of Workers’ Compensation, a notable trend in previous Council surveys. Premium prices increased by an average of… Continue reading Market Continued to Harden in Q4 2019: CIAB Survey
Pennsylvania Lumbermens Mutual Insurance Partners with LifeSaver Mobile, Adding to Its Suite of Tools Aimed at Distracted Driving
Pennsylvania Lumbermens Mutual Insurance Company (PLM), the largest mutual insurer dedicated to wood-related businesses, announces a partnership with LifeSaver Mobile, a company dedicated to changing the culture of distracted driving. This partnership will introduce PLM policyholders to the LifeSaver Mobile app, the latest addition in the company’s collection of risk management tools targeting distracted driving.… Continue reading Pennsylvania Lumbermens Mutual Insurance Partners with LifeSaver Mobile, Adding to Its Suite of Tools Aimed at Distracted Driving
James River Group to Cancel Auto Insurance for Uber Affiliate Rasier
James River Group Holdings Ltd. announced it delivered a notice of early cancellation of all insurance policies issued to Rasier LLC, its largest customer. Rasier is an affiliate of Uber Technologies Inc. James River said the policies will be canceled as of Dec. 31. “This account has not met our expectations for profitability, and we… Continue reading James River Group to Cancel Auto Insurance for Uber Affiliate Rasier
Next Insurance Launches Next for Agents
Next Insurance, the leading digital insurance company for businesses owners, today announced the launch of Next for Agents, enabling independent agents to quickly quote and sell Next Insurance policies – including general liability, professional liability and commercial auto insurance – through the company’s agent portal or through independent agent platforms. Next for Agents has been… Continue reading Next Insurance Launches Next for Agents