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Miles driven were 6.2 percent higher in March 2018 compared with March 2013.
Distribution needs call for 51,000 more drivers, which will create a huge inexperienced driver population with little required training.
Loss severity per claim is up 40 percent from 2009 to 2017, worsened by new technology and distracted driving.
That’s how much commercial auto insurers reported in underwriting losses from 2013 to 2018. While premiums are up, so are claims frequency and severity—and losses outpace premiums. But you can still succeed. The place to start is with fast, reliable prefill data.
*Source: AM Best
While some combined ratios are topping 100 percent, profitable insurers have achieved a better-combined ratio 13.5 points lower than the total industry for the years 2012–2017.
You need a defined market approach to achieve better-combined ratios and reduce losses. Verisk’s three-part solution can help guide you along the path to profitability.
The path to profitability starts with data and analytics that properly drive risk selection.
You need reliable information on vehicles and drivers to underwrite commercial auto and policies properly.
Keep your book of business profitable by keeping current.