commercial auto News

What’s Wrong With Commercial Auto and How Do We Fix It?

Commercial auto is one of the biggest, most problematic cost centers in the insurance industry. Its loss ratios are incredibly high — and growing — particularly in comparison with other P&C lines. This makes it hard for carriers to make …

A.M. Best Says Commercial Auto Losses Worst in 10 Years

The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report. Indeed, the …

Nuclear Verdicts Continue to Push Commercial Auto Rates

In the last five or six years, trucking companies have watched their insurance rates climb, and many have found the insurance process daunting. Since 2018, trucking insurers have lost around $1.8 billion due to continued pressure from plaintiffs’ attorneys targeting …

Auto Claims Decline 40 to 50% as Consumers Stay Home, Snapsheet Says

Insurers are reporting a 40 to 50 percent drop in claims volume for personal auto and a 30 to 40 percent reduction for commercial auto due to the coronavirus pandemic, an executive for claims-automation provider Snapsheet said Tuesday. Chief Operating …

Business News: Amerisure, MedRisk and Crawford & Co.

Amerisure Launches Usage-Based Commercial Auto Coverage Amerisure, a proper and casualty carrier based in Farmington Hills, Michigan, has teamed up with Insurance & Mobility Solutions to launch a fleet usage-based insurance program to Michigan motor carriers. Amerisure said it is …

‘Powerful Predictiveness’ May Be Key to Reversing Commercial Auto Losses

The future cannot come too soon for commercial auto. Despite growing premiums, the commercial auto line hasn’t turned an underwriting profit for the past nine years as both the number and cost of claims exceeded expectations. Tech companies are pitching …

Claim Survives Because of W.V. Statute that Limits Exclusions for Borrowed Vehicles

Workers’ compensation immunity doesn’t shield an insurer from liability for injuries caused by someone who was borrowing the employer’s truck, and neither do exclusions in the policy, the 4th Circuit Court of Appeals ruled. The appellate court found that workers’ …

Fitch: Technology Needed to Reverse Commercial Auto’s Dismal Performance

The commercial auto line hasn’t returned an underwriting profit for eight years now. Growing claim severity is a big part of the problem. Advanced technology needs to be a part of the solution, according to a report released Tuesday by …

Houston Highway Awash in Beer as Truck Crashes

A beer-hauling truck accident in Houston has left two drivers slightly hurt and a leaky mess along a highway. Police say the two-vehicle wreck early Tuesday scattered dozens of cases of beer as the truck lost its load. Houston police …

ISO Expands Its Predictive Analytics Offerings for Commercial Lines

ISO, a member of the Verisk Insurance Solutions group at Verisk Analytics, announced the launch of the new ISO Risk Analyzer Businessowners Environmental Module and the availability of the newly enhanced version of the ISO Risk Analyzer Commercial Auto Environmental …