Commercial Auto Liability Premium Up 13% In 2018, NAIC Reports
From Staff and Wire Reports
The National Association of Insurance Commissioners (NAIC) recently released its 2018 Market Share Reports for Property/Casualty Groups and Companies.
The report includes detailed information on market share and loss ratios for property/casualty companies by specific line of business.
A few highlights from the report include:
The top 10 groups made up 47% of the property and casualty market in the United States.
Private passenger auto liability is the top line of business with the highest amount of written premium.
There was a 5.37% increase in written premiums in the U.S. market compared to 2017.
By line of business, commercial auto liability had the largest increase in written premium, 13.14%, compared to 2017.
There was a 109% increase in written premium for burglary and theft over the last 10 years, the largest of any line of business.
Updated annually, the report includes data on the top 125 groups/companies countrywide. The report also provides the countrywide and by-state direct loss ratios for the top writers in each line of business, as well as a countrywide and by-state "total industry" loss ratio.
The data-filled report, and others like it produced by the NAIC, provide insurance professionals with industry-specific data and shows which companies are focused or specialize in a particular line of business.