Though the U.S. commercial auto insurance industry’s 2022 combined ratio came in above 100 for the fourth time in five years, Liberty Mutual and Auto-Owners started 2023 with double-digit growth in direct premiums, according to S&P Global Market Intelligence.
Compared to the first three months of 2022, Liberty Mutual saw direct premiums written (DPW) increase 29.8% while Auto-Owners DPW increased 12.7%.
“Carriers benefited from resilient pricing in key commercial lines of business during the first quarter,” said S&P.
Nationwide Mutual Group, Chubb Ltd., Old Republic Insurance Co. and Berkshire Hathaway Inc. were the only commercial auto insurers with a decline in DPW year-over-year.
Related: Nationwide E&S Exits Commercial Auto Effective July 15
The industry’s total commercial auto loss ratio deteriorated to 68.6% in Q1 from 64.1% in Q1 2022. Chubb and Zurich each recorded loss ratios in the segment of more than 75%.
Progressive maintained it’s top spot as the largest writer of commercial auto in 2022, according to S&P.
Topics Auto
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