Risk Placement Services, Inc. took an in-depth look at the commercial trucking and property markets in its latest “The Navigator” newsletter.
Here is an excerpt:
From a carrier perspective, the Commercial Auto market has been a losing game for the past seven years. Transportation has consistently underperformed the rest of the insurance market by 12 to 15 points, and 2010 was the last year Commercial Auto posted a combined ratio under 100%. The good news is that sophisticated carriers are leveraging data and predictive analytics to better refine risk selection for improved future results. Those carriers that are ahead in the technology process are starting to outperform the competition.
The 2nd quarter of 2019 has been a challenging market cycle. The best thing to do is have open and honest communication with your clients and carrier partners to manage expectations and make sure no one is surprised or caught off guard by the outcome of any deal. One thing this market does better than the others is weed out the good brokers from the bad, the good underwriters from the less savvy, and it allows those with a good handle on their business to rise to the top. RPS continues to be poised to serve our clients with some of the best brokers and underwriters around the country.