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Damage premiums for commercial cars increase by 19% during Q1: S&P



First-quarter direct premiums for commercial vehicles increased 19.1% year-over-year to $ 12.37 billion in 2022 and has risen steadily over the past five years, according to a report on Thursday from S&P Global Inc.

Direct debt premiums written during the first quarter have increased by 58.4% from the first quarter of 2018 to USD 7.81 billion for the business area, data from the report showed.

Including lines for physical damage to commercial vehicles, total U.S. direct premiums for commercial vehicles recorded for the first quarter amounted to $ 15.65 billion.

Progressive Corp. has by far the largest market share of the US commercial car market with $ 2.84 billion in direct premiums in the first quarter, according to S & P. Progressive incurred a direct loss ratio of 68.8%.

Premium growth was strengthened by more vehicles per insurance and a change in the business mix towards higher premium coverage, Progressive reported in a recent report to the US Securities and Exchange Commission, said S&P.

The Travelers Cos. Inc. is a distant second-place finisher with first-quarter direct premiums of $ 828.3 million, followed by Farmers Insurance Group of Cos at $ 722.9 million. Travelers and Farmers recorded loss ratios of 60.0% and 69.5%, respectively.

Most of the largest commercial car insurance companies in the United States showed loss ratios below 70%, S&P said in its report.


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