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The U.S. property and casualty industry reported a significant underwriting gain for 2013 and enjoyed its best year since 2007. But the combined ratio for commercial auto remained over 100 at 106, improving only slightly from 107 in 2012, Fitch Ratings says in a new report.

“Commercial auto underwriting losses are a function of multiple years of significant price deterioration prior to 2011, combined with an erosion of underwriting standards to retain business in the economic downturn of 2008-2009,” says Fitch. In addition, insureds are pressured in the current economy, limiting expansion of underwriting exposures for insurers.

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