The commercial auto segment saw an underwriting loss in 2011 for the first time in nine years, with a combined ratio of 103.6 percent, according to a special report on the U.S. commercial auto insurance industry published by Fitch Ratings in October 2012.
A commercial driver study by LexisNexis Risk Solutions found employers tripled their employment verifications of commercial drivers during the first half of 2012.
16,000 brand new vehicles were scrapped because of Superstorm Sandy (Reuters)
False or unverifiable driver history rose nine percentage points from 2008 to 2012, topping 2012 at 38.97 percent, according to the LexisNexis Risk Solutions Commercial Driver Study.
Commercial auto is the third-largest commercial lines segment, with 9.8 percent of commercial lines premiums in 2011 (Insurance Information Institute).
Commercial auto net premiums written in 2011 totaled $21.04 billion and direct premiums written totaled $23.5 billion. (SNL Financial LC)
Travelers Group had the most market share of the commercial auto market in 2011, with 8.41 percent and $2.02 billion in direct premiums written, according to the National Association of Insurance Commissioners (NAIC).
Liberty Mutual had the second-highest market share in 2011 (6.56 percent), with $1.57 billion in direct premiums written (NAIC).
Commercial auto rates rose 5 percent in November 2012, compared with November 2011, and were up 6 percent in December 2012, compared with December 2011 (MarketScout).
Travelers’ 2012 third-quarter earnings report cited its commercial auto rates rose 9 percentage points.