Commercial Auto Trends to Watch in 2021
We are pleased to release a white paper on commercial auto trends to watch in 2021. While some insureds in specific industries are experiencing double-digit rate increases (transportation), many others are still facing high single-digit increases.
If an insured has the same carrier on multiple coverage parts, including auto, they need to pay close attention to their other premiums. Many carriers are subsidizing the auto by taking rate on their other lines of coverage (i.e. property, liability, workers’ compensation). In other words, carriers may only take a 5% increase on an insured’s auto policy while the rest of their desired premium increase is obtained via other lines of coverage.
There are many reasons why auto premiums are increasing, and this article highlights the major factors driving this dynamic. We are here to help you navigate these commercial auto market trends through a combination of risk management and strategic marketing initiatives. Contact us today.