In 2018, the commercial auto's statutory direct written premiums increased 13%. However increasing claims severity, particularly on bodily injury claims, nullify the gains of premium rate increases. (Photo: Shutterstock) In 2018, the commercial auto’s statutory direct written premiums increased 13%.  (Photo: Shutterstock)

For the ninth consecutive year, U.S. property and casualty (P&C) insurers are facing underwriting losses on commercial automobile insurance, which remains among the weakest major commercial lines P&C segments, says a new report from Fitch Ratings.

In 2018, the segment posted a statutory combined ratio of 108%, and as underwriting losses continue, Fitch says insurers can only expect to see moderate improved results in 2019.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.