Commercial auto has generated underwriting losses for 14 straight years.
The U.S. commercial auto insurance line continues to burden the overall property and casualty (P/C) industry, accounting for more than $10 billion in net underwriting losses over the past two years, according to a new AM Best report.
The Best’s Market Segment Report, Stuck in Reverse: Commercial Auto Losses Keep Mounting, states that the segment’s rising loss severity, increasing claims costs and adverse prior-year loss reserve development continue to produce net calendar year underwriting losses for commercial auto insurers.
The commercial auto insurance sector has now generated an underwriting
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