trending Market Intelligence /marketintelligence/en/news-insights/trending/CCaioPorynJKZg1V9NESxA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Old Republic reports 'fairly strong' commercial auto rate increases

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


Old Republic reports 'fairly strong' commercial auto rate increases

Old Republic International Corp. continues to push for commercial auto rate increases even as its fourth-quarter 2016 results showed evidence of the benefits provided by past hikes.

"We continue to see fairly strong rate increases on the commercial auto line of coverage to offset the severity trends that we've observed and we've been discussing for some time now," Craig Smiddy, president of Old Republic General Insurance Group, said during a Jan. 26 conference call.

The company reported a benefits and claim ratio of 76.8% in the commercial auto business during the fourth quarter of 2016 and 79.4% for the full year. Those figures compare to 80.3% in the fourth quarter of 2015 and 77.8% in full year 2015. The 10-year weighted-average commercial auto benefits and claim ratio is 75.2%.

Smiddy said the year-over-year improvement in the fourth quarter of 2016 was "indicative of the compounding rate increases that ... continue to earn through." But he said Old Republic would like to generate further improvement in the business.

"We will continue to address the commercial auto severity that we are seeing through rate and risk selection until that claim ratio on this line comes down and is more in line with our historical experience in the low to mid 70s," he said.

Old Republic ranked as the No. 8 commercial auto insurer based on 2015 direct premiums written at the group level. Progressive Corp., the nation's largest writer of commercial auto coverage, saw its commercial lines combined ratios improve from the elevated levels it reported in mid-2016. It too has filed for a number of rate increases on commercial auto business, according to U.S. product filing data collected by S&P Global Market Intelligence.