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The surplus lines market plays a critical role in the insurance ecosystem by providing coverage for hard-to-place and specialized risks. For WSIA’s 2020 Annual Virtual Marketplace from September 10-17, read up on the unique lines and market trends impacting the specialty and E&S industry.

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Firming of the commercial auto insurance market is expect to continue through the end of 2020, says a new report from RPS. (Photo: Shutterstock) Firming of the commercial auto insurance market is expected to continue through the end of 2020, says a new report from RPS. (Photo: Shutterstock)

The range of challenges — including infamous nuclear verdicts — that have negatively impacted the commercial auto market in recent years will continue to harden the struggling market through the year’s end, says a new report from Risk Placement Services (RPS).

Premium rates in the sector have increased 10-15% year-over-year since 2010, driven primarily by the trucking segment, according to the “U.S. Transporation Market Outlook” report. Other factors such as an aging workforce, driver shortage, distracted driving, fleet maintenance and social inflation also have contributed to rising premium rates.

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Heather A. Turner

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

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