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The commercial auto insurance segment maintained its place as a weaker-performing U.S. property/casualtyinsurance product line in 2023. Despite successive periods of pricing and underwriting actions, commercial auto has generated a statutory combined ratio above 100 in 12 of the …
By Susanne Sclafane Even though direct loss ratios for commercial auto and other liability lines rose in first-quarter 2024, across all lines U.S. property/casualtyinsurers posted a net combined ratio of 94 — the best since first-quarter 2007. Translating to …
Favorable first-quarter economic and underwriting results for property/casualtyinsurance are in line with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025, according to a report from the Insurance Information Institute (Triple-I) …
property and casualtyinsurance industry experienced better-than-expected economic and underwriting results in the first half of 2024, according to the latest forecasting report by Triple-I and Milliman. points year-over-year improvement, with commercial lines continuing to outperform personal lines. represented a 2.3-points
2024), the District Court of Massachusetts found that “collapse” provisions within a commercial property policy were ambiguous where a floor merely sagged without completely falling to the ground. During the policy period, the insured’s floor “sunk” between eight to 12 inches. Underwriters at Lloyd’s, London , 2012 WL 2020168 (D.
Dan brings over 25 years of extensive experience and leadership expertise within the Property and Casualtyinsurance sector. Prior to joining Agency Revolution, Dan spent 20 years at Nationwide where he served in management roles for commercialunderwriting, loss control, sales automation and technology, and business architecture.
The property & casualtyinsurance industry’s combined ratio – an indicator of underwriting profitability – is forecast at 100.7 Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. for 2022, up 1.2
economy and is the second-largest line of commercialinsurance, with $42 billion in premium annually. As part of its mission to foster a healthy workers compensation system, NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations.
based property and casualtyinsurance company with more than $10 billion in GAAP assets, Westfield underwritescommercial, personal, surety, and specialty lines of coverage through a network of over 1,000 leading independent agents and brokers. Today, more than 175 years later, as a leading U.S.-based
Dan brings over 25 years of extensive experience and leadership expertise within the Property and Casualtyinsurance sector. Prior to joining Agency Revolution, Dan spent 20 years at Nationwide where he served in management roles for commercialunderwriting, loss control, sales automation and technology, and business architecture.
This is particularly important as attorney involvement in commercial auto claims – notably in the trucking industry – drives expensive litigation and settlement delays that inflate companies’ expenses. Group captives can provide a viable way to protect companies across several lines of casualtyinsurance. million to almost $22.3
If we don’t get down to addressing the loss ratio — underwriting, pricing, risk selection, and claims management — for many carriers, even if they cut costs by 100%, they’re still not going to be profitable. This isn’t just because of the size of their expense ratio. Here is a positive trend, for example.
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