The road is rough and potentially worse ahead.
Commercial auto premiums increased 2.65% in April over the same period in 2016, according to the IVANS Index. Making matters worse, auto loss costs increased a cumulative 20% between 2012 and 2015, according to the Insurance Services Office.
Risk managers, agents and brokers struggling to control soaring commercial auto insurance costs would do well to understand the factors behind this surge and what they can do to better manage exposure and expenses.
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