In short, U.S. commercial auto insurance has evolved into a “chronically underperforming product segment” for U.S. property/casualty insurers, according to Fitch Ratings.
At the same time, Fitch notes, a number of carriers underwriting the line continue to do well.
Underwriting losses have accelerated with the segment statutory combined ratio rising to approximately 109 for the latest year. The commercial auto combined ratio averaged 106 from 2011-2015, according to analysts at Fitch.