Editor's note: This post originally appeared at SNL.com
|A changing of the guard could be near in the commercial autoliability space.
|Data from SNL show that Progressive Corp. hassubstantially narrowed the gap with Travelers Cos.Inc. over the last two years for the top spot in the segment,based on direct premiums written. Travelers boasted $803.6 millionin direct liability premiums written in the first half of 2012, butrecorded just $762.7 million of such premiums through the first sixmonths of 2014. Progressive, meanwhile, has grown its share incommercial auto liability, as it posted $732.4 million in directwritten premiums in the first half of 2014, compared to $667.9million in the same period of 2012.
|That growth has not been at the expense of loss mitigationeither, as Progressive's direct incurred loss ratio is actuallydown versus the first six months of 2012. Travelers, meanwhile, maybe writing less business than it did two years ago, but it also hasmade a significant dent in its loss ratio. Additionally,Progressive pursued a range of single- andlow-double-digit commercial auto rate increases in various statesduring 2013 and into 2014, which has had an impact on itsgrowth.
|The data SNL used to compile these rankings are based on directpremiums written for commercial auto liability only and do notinclude physical damage premiums. Auto physical damage is reportedon quarterly NAIC statement blanks as a combination of both privateand commercial premiums.
||Want to continue reading?
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