Commercial-auto insurers lost money on underwriting in 2023
Commercial auto ran the worst loss ratio of the major commercial lines in 2023 (~74%) and lost money on underwriting — the pressure behind rising commercial-auto rates.
Per the NAIC's 2023 Report on Profitability by Line by State, commercial auto ran roughly a 74% loss ratio and posted an underwriting loss — the worst of the major commercial lines. That's the structural pressure behind the commercial-auto rate increases showing up in filings: when a line loses money on underwriting nationally, carriers file for rate. If you run vehicles, expect commercial-auto to be the line most likely to see increases at renewal.
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Figures are from the NAIC 2023 Report on Profitability by Line by State, a free public report on premiums earned, losses incurred, and underwriting profit by insurance line. Loss ratio is incurred losses divided by earned premium; an underwriting loss means losses plus expenses exceeded premium collected.
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Reviewed by Jason Wootton, NPN 7694718 Verify ↗