The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/casualty lines more recently. This trend has been accompanied by steady growth in net written premiums.
Since 1998, the insurance industry has come together for the Insurance Industry Charitable Foundation (IICF) volunteer initiative. This is an international (US and UK) and industry-wide initiative, insurance professionals complete volunteer projects in support of community nonprofit organizations in-person and virtually.
More frequent losses from disasters, soaring construction costs, inflation, and other mounting pressures are driving homeowners insurance rates steadily higher. Despite these pressures, the homeowners insurance market is beginning to show early signs of stabilization.
Legislative reforms targeting legal system abuse and claim fraud in Florida have continued to help stabilize the Sunshine State’s property/casualty insurance market, contributing to premium reductions for thousands of homeowners and drivers as claim-related litigation in the state plummets.
Even as California moves to address regulatory obstacles to fair, actuarially sound insurance underwriting and pricing, the state’s risk profile continues to evolve in ways that impede progress.
A decade-long rise in the number of auto accident lawsuits nationally cost nearly $43 billion in excess tort costs, a Triple-I study indicates. These findings help quantify the impact legal system abuse has had on both private passenger and commercial auto insurance inflation.