Nonstandard risks drive growth in auto market
Article Abstract:
The greatest growth in the automobile insurance market is in nonstandard risks, which is one of the most profitable niches of the property and casualty insurance industry. A study by Ernst & Young reveals that nonstandard personal auto insurance premiums have grown from $7.548 billion in 1990 to $12.301 billion in 1994, a 63% cumulative growth rate. The growth in the nonstandard auto insurance market outstripped premium growth in the auto insurance market as a whole. The growth is fueled by aggressive marketing and improved service capabilities that make the coverage more attractive to consumers.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
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Auto profits weather intense competition
Article Abstract:
Automobile insurance premiums written rose 4.8% in 1996, accounted for almost half of the property/casualty market's volume and remained that market's most profitable sector. Nonstandard premiums grew over 15% and the liability category continued to show reduced losses. The commercial auto and physical damage accounts were the weak spots of the sector. Stability in this sector is threatened by increased speed limits and increased use of automobiles spawned by the healthy national economy. Leading writers are listed and their statistics are given.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
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Hitting the open road
Article Abstract:
Private passenger auto insurance outperformed the results of the commercial auto segment in 1996. Such auto line competition was prompted by the industry's shift in focus to writing automobile policies from writing property coverage as a result of significant catastrophe losses. Statistics show that auto insurance accounted for 47% of the industry's volume as direct premiums written heightened from 4.3% to $127.44 billion, increasing the segment's market share from 46.% in 1995.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1997
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