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Travelers, Nationwide raise commercial auto rates in August


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Travelers, Nationwide raise commercial auto rates in August

The Travelers Cos. Inc. may be the biggest beneficiary from commercial auto insurance rate increases in August, according to an S&P Global Market Intelligence analysis.

Travelers obtained a total of 28 rate increases across 10 different states during the month. Together, those rate hikes could boost the group's commercial auto premiums by an aggregate of $16.2 million. Seven rate increases were in New Jersey and accounted for 63.3% of the total calculated premium increases for the group.

Nationwide Mutual Insurance Co. was again the most active insurer in terms of total rate changes as it obtained 34 rate increases in August, which stand to increase the group's aggregate premiums by $8.4 million. Nationwide also received two rate-cut approvals in the month.

Commercial auto rate increases had far more of an impact than reductions across the industry during August. One rate decrease obtained by Progressive Casualty Insurance Co. in Connecticut, which stands to lower its premiums by about $600,000, was the largest reduction industrywide for the period.

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