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Rising Rates and Coverage Challenges in the Auto Market
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Experts at the Risky Future Summit warn that while insurance rates are climbing, the real concern is whether they are sufficient to cover increasing losses, with commercial auto emerging as a critical pain point across industries. Watch this excerpt as Insurance Journal's Chad Hemenway talks with John Ehinger, President of Orion Fleet Intelligence about what he's seeing in the auto market today! To watch the full panel discussion, click here!
Main Points:
Rate Adequacy Uncertainty: While rates are rising, insurers are questioning if they are enough to keep up with growing claims and reserve increases.
Commercial Auto Struggles: The issue with commercial auto coverage goes beyond trucking, affecting various sectors and being seen as a loss leader for many companies.
Retention Over Risk: Many businesses feel compelled to write commercial auto policies to retain larger package deals, despite significant financial losses.
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