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Commercial auto insurance has faced significant underwriting losses, rate increases and decreased profits in recent years due to the ongoing hard market. In 2022, AM Best reports the industry saw $3.3 billion in underwriting losses, which lead to rate increases around 8% to start 2023.
According to a 2024 market outlook from advisory services provider CBIZ, the biggest trends expected to shape the commercial auto insurance market this year are:
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
