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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The program focuses on underserved mid-fleet trucking accounts.
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Unlike other P&C lines who managed to deliver combined ratios averaging in the low-to-mid-90s, commercial auto averaged 106% for around the last decade.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Nirvana aims to use telematics data to help trucking fleets mitigate risk, improve driver performance, and simply the trucking insurance process.
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An examination of the costs of claims found a 21.3% increase in total costs in 2019 over 2015 when an attorney is involved.
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While the report categorized auto as “challenging” overall, cyber remains the most problematic, with Aon predicting that rate pressure will continue for at least the first half of 2022.
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Investors were reacting to the $257mn underwriting loss the company reported for Q4, and concerns the carrier’s rate increases are lagging the rise in claims severity trends.
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The chief executive said a surge in costs for labor, auto body repairs and rental cars, along with the lagged effect of earned rate increases, all weighed on Kemper’s results.
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In contrast to the second and third quarters, when Kemper took $81mn and $25mn reserve charges, the fourth quarter loss came from a spike in severity on current AY claims.
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The company’s 79% jump in underwriting income to $109mn benefitted from $61mn in reserve releases.
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The new entity will expand its operations into the specialty commercial auto space, with a workforce of around 600 employees and over $1.1bn in equity capital.
