Strong Underwriting Needed To Weather Truck Market Storms
MarketStances Nov. 25, 2002, looked at the stormy weather currently buffeting the market for commercial auto insurance. In particular, we explored the impact of commercial truckings rapid growth and the consequent changes in commercial vehicle utilization on many states underwriting experience in the late 1990s, finding that some states were faring much better than others from a loss ratio standpoint.
For example, one group of states with fast trucking growth–Nebraska, Arkansas, Mississippi, Oklahoma and West Virginia–averaged a 84.3 pure loss ratio in 2001, some 13 points above the corresponding national average. For 2001, a second fast-growth group of states, which is comprised of Ohio, Nevada, Louisiana, New York and Missouri, had an even higher pure loss ratio of 86.9.
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