programbusiness.com Open in urlscan Pro
216.128.137.106  Public Scan

Form analysis
3 forms found in the DOM

POST /news/usi-commercial-auto-liability-markets-to-seek-rate-increases-in-2024/

<form id="wpforms-form-20758" class="wpforms-validate wpforms-form wpforms-ajax-form wpforms-form-captcha" data-formid="20758" method="post" enctype="multipart/form-data"
  action="/news/usi-commercial-auto-liability-markets-to-seek-rate-increases-in-2024/" data-token="739b9dd5c7334a6bf48370a09288293f" novalidate="novalidate"><noscript class="wpforms-error-noscript">Please enable JavaScript in your browser to complete
    this form.</noscript>
  <div class="wpforms-field-container">
    <div id="wpforms-20758-field_4-container" class="wpforms-field wpforms-field-layout" data-field-id="4"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-20758-field_4">Layout</label>
      <div class="wpforms-field-layout-columns wpforms-field-layout-preset-67-33">
        <div class="wpforms-layout-column wpforms-layout-column-67">
          <div id="wpforms-20758-field_1-container" class="wpforms-field wpforms-field-email" data-field-id="1"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-20758-field_1">Email <span
                class="wpforms-required-label">*</span></label><input type="email" id="wpforms-20758-field_1" class="wpforms-field-medium wpforms-field-required" name="wpforms[fields][1]" placeholder="Enter your email address" spellcheck="false"
              required=""></div>
        </div>
        <div class="wpforms-layout-column wpforms-layout-column-33">
          <div id="wpforms-20758-field_2-container" class="wpforms-field wpforms-field-captcha" data-field-id="2"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-20758-field_2">Custom Captcha <span
                class="wpforms-required-label">*</span></label>
            <div class="wpforms-captcha-math">
              <span id="wpforms-20758-field_2-question" class="wpforms-captcha-equation">
                <span class="n1">12</span>
                <span class="cal">*</span>
                <span class="n2">10</span>
                <span class="e">=</span>
              </span>
              <input type="text" id="wpforms-20758-field_2" class="wpforms-field-medium wpforms-field-required a" data-rule-wpf-captcha="math" data-is-wrapped-field="1" name="wpforms[fields][2][a]" aria-describedby="wpforms-20758-field_2-question"
                required="" data-cal="*" data-n1="12" data-n2="10"> <input type="hidden" name="wpforms[fields][2][cal]" class="cal" value="*">
              <input type="hidden" name="wpforms[fields][2][n2]" class="n2" value="10">
              <input type="hidden" name="wpforms[fields][2][n1]" class="n1" value="12">
            </div>
          </div>
        </div>
      </div>
    </div>
  </div><!-- .wpforms-field-container -->
  <div class="wpforms-submit-container"><input type="hidden" name="wpforms[id]" value="20758"><input type="hidden" name="wpforms[author]" value="193264"><input type="hidden" name="wpforms[post_id]" value="17017"><button type="submit"
      name="wpforms[submit]" id="wpforms-submit-20758" class="wpforms-submit blue-submit" data-alt-text="Sending..." data-submit-text="Subscribe" aria-live="assertive" value="wpforms-submit">Subscribe</button><img
      src="https://programbusiness.com/wp-content/plugins/wpforms/assets/images/submit-spin.svg" class="wpforms-submit-spinner" style="display: none;" width="26" height="26" alt="Loading"></div>
</form>

GET https://programbusiness.com/

<form role="search" method="get" class="search-form" action="https://programbusiness.com/">
  <label for="search-form-1">Search…</label>
  <input type="search" id="search-form-1" class="search-field" value="" name="s" placeholder="Search">
  <p>Coverage, Keyword, or Company</p><input type="submit" class="search-submit" value="Search Markets">
</form>

POST /news/usi-commercial-auto-liability-markets-to-seek-rate-increases-in-2024/

<form id="wpforms-form-174829" class="wpforms-validate wpforms-form wpforms-ajax-form wpforms-form-captcha" data-formid="174829" method="post" enctype="multipart/form-data"
  action="/news/usi-commercial-auto-liability-markets-to-seek-rate-increases-in-2024/" data-token="165843ed050a8a7ec1ab2bd018ca8ed4" novalidate="novalidate"><noscript class="wpforms-error-noscript">Please enable JavaScript in your browser to complete
    this form.</noscript>
  <div class="wpforms-field-container">
    <div id="wpforms-174829-field_0-container" class="wpforms-field wpforms-field-name" data-field-id="0"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-174829-field_0">Name <span class="wpforms-required-label">*</span></label>
      <div class="wpforms-field-row wpforms-field-large">
        <div class="wpforms-field-row-block wpforms-first wpforms-one-half"><input type="text" id="wpforms-174829-field_0" class="wpforms-field-name-first wpforms-field-required" name="wpforms[fields][0][first]" placeholder="First Name"
            required=""><label for="wpforms-174829-field_0" class="wpforms-field-sublabel after wpforms-sublabel-hide">First</label></div>
        <div class="wpforms-field-row-block wpforms-one-half"><input type="text" id="wpforms-174829-field_0-last" class="wpforms-field-name-last wpforms-field-required" name="wpforms[fields][0][last]" placeholder="Last Name" required=""><label
            for="wpforms-174829-field_0-last" class="wpforms-field-sublabel after wpforms-sublabel-hide">Last</label></div>
      </div>
    </div>
    <div id="wpforms-174829-field_1-container" class="wpforms-field wpforms-field-email" data-field-id="1"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-174829-field_1">Email <span
          class="wpforms-required-label">*</span></label><input type="email" id="wpforms-174829-field_1" class="wpforms-field-large wpforms-field-required" name="wpforms[fields][1]" placeholder="Email" spellcheck="false" required=""></div>
    <div id="wpforms-174829-field_3-container" class="wpforms-field wpforms-field-text" data-field-id="3"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-174829-field_3">Comapny <span
          class="wpforms-required-label">*</span></label><input type="text" id="wpforms-174829-field_3" class="wpforms-field-large wpforms-field-required" name="wpforms[fields][3]" placeholder="Company" required=""></div>
    <div id="wpforms-174829-field_4-container" class="wpforms-field wpforms-field-phone" data-field-id="4"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-174829-field_4">Phone <span
          class="wpforms-required-label">*</span></label><input type="tel" id="wpforms-174829-field_4" class="wpforms-field-large wpforms-field-required wpforms-masked-input" data-inputmask="'mask': '(999) 999-9999'" data-rule-us-phone-field="true"
        data-inputmask-inputmode="tel" name="wpforms[fields][4]" placeholder="Mobile Number" required="" inputmode="tel"></div>
    <div id="wpforms-174829-field_5-container" class="wpforms-field wpforms-field-captcha" data-field-id="5"><label class="wpforms-field-label wpforms-label-hide" for="wpforms-174829-field_5">Custom Captcha <span
          class="wpforms-required-label">*</span></label>
      <div class="wpforms-captcha-math">
        <span id="wpforms-174829-field_5-question" class="wpforms-captcha-equation">
          <span class="n1">12</span>
          <span class="cal">*</span>
          <span class="n2">8</span>
          <span class="e">=</span>
        </span>
        <input type="text" id="wpforms-174829-field_5" class="wpforms-field-medium wpforms-field-required a" data-rule-wpf-captcha="math" data-is-wrapped-field="1" name="wpforms[fields][5][a]" aria-describedby="wpforms-174829-field_5-question"
          required="" data-cal="*" data-n1="12" data-n2="8"> <input type="hidden" name="wpforms[fields][5][cal]" class="cal" value="*">
        <input type="hidden" name="wpforms[fields][5][n2]" class="n2" value="8">
        <input type="hidden" name="wpforms[fields][5][n1]" class="n1" value="12">
      </div>
    </div>
  </div><!-- .wpforms-field-container -->
  <div class="wpforms-submit-container"><input type="hidden" name="wpforms[id]" value="174829"><input type="hidden" name="wpforms[author]" value="0"><input type="hidden" name="wpforms[post_id]" value="179056"><button type="submit"
      name="wpforms[submit]" id="wpforms-submit-174829" class="wpforms-submit" data-alt-text="Sending..." data-submit-text="Download the Media Kit " aria-live="assertive" value="wpforms-submit">Download the Media Kit </button><img
      src="https://programbusiness.com/wp-content/plugins/wpforms/assets/images/submit-spin.svg" class="wpforms-submit-spinner" style="display: none;" width="26" height="26" alt="Loading"></div><input type="hidden" name="pum_form_popup_id"
    value="174843">
</form>

Text Content

Skip to content
 * List Your Program
 * Storefront Directory
 * News
 * About
 * Support
 * LogIn
 * Register


DAILY NEWSFLASH

Insurance News, Delivered.

Stay up-to-date on all things insurance. Sign up for our free newsletter.

Please enable JavaScript in your browser to complete this form.
Layout
Email *
Custom Captcha *
12 * 10 =
Subscribe



USI: COMMERCIAL AUTO LIABILITY MARKETS TO SEEK RATE INCREASES IN 2024

Share Article to LinkedIn
USI predicted flat renewals to rate increases of 5% for accounts with good loss
history and a range of 20% to 30% for more troubled accounts.

Source: Advisen - Erin Ayers | Published on January 16, 2024

Commercial auto liability rates to increase


Even though the pace of liability insurance rate increases has moderated, a true
soft market isn’t on the horizon — especially when it comes to commercial auto,
according to a new report from USI Insurance Services.

“Although rate adequacy is slowly being achieved for a growing number of
insureds and the pace of rate increases is moderating, we are still not close to
entering into a softening market characterized by flat or reduced rates for most
insureds,” said the broker in its 2024 P/C Market Outlook. “Social inflationary
pressures and rising claims inflation will still negatively impact a subset of
insureds with high historical loss severity and frequency as well as those in
industries perceived to be inherently hazardous.”

USI forecast rate increases between 5% and 10% for general/product liability.
For umbrella/excess liability, middle market buyers may see flat renewals up to
15% increases, while larger buyers will see a range of 5% to 20%, depending on
their auto exposures.

Auto liability promises to be a tough market in 2024, according to the report,
be it for large trucks or private passenger vehicles. USI reported some new
capacity in the market via telematics programs, but at the same time,
traditional players have cut back in specific states or pulled out of commercial
auto entirely.

“Virtually all” writers of auto liability are expected to press for rate
increases in 2024. USI predicted flat renewals to rate increases of 5% for
accounts with good loss history and a range of 20% to 30% for more troubled
accounts. Excess auto buffer layer price increases in 2024 were projected at 40%
or more.

“Increased settlement values in the trucking sector are now spreading to all
industries in which vehicles are being utilized for business operations,” USI
said. “Negligent hiring and entrustment as a basis for large lawsuits has moved
from a fad to a more permanent trend.”

USI also cited a trend for higher primary limits on auto liability, with a $2
million attachment point now the norm. This had the impact of lowering umbrella
liability premium. However, the umbrella market “still has some negative
realities to deal with,” the broker said.

“Investment in litigation financing is a multi-billion-dollar industry today,
and this is expected to double in the next three years. This is occurring for
insureds across a broad array of industries, but it’s a particular concern for
insureds with large auto fleets as well as those in the hospitality,
manufacturing, chemical, pharmaceutical, and real estate industries,” USI
observed.

In order to reduce their insurance costs, more buyers have opted to retain more
risk by shifting to loss-sensitive programs, the broker said. The strategy
allows organizations with good loss experience, solid loss control, and
proactive claims management to lower their overall premium with higher
deductibles.

Share Article to LinkedIn

Related Articles:

Truckers’ Premiums Keep Rising, Despite Safety Improvements, Coverage Changes

MindMeld Solutions Offers CA Lodging, Transportation Industries Human
Trafficking Awareness & PreventionTraining

USI: Property Lines with Poor Loss History to See Rate Hikes Up to 150%

USI and ABA Announce New Partnership with Berkley Select to Deliver EPLI
Coverage to Law Firms

New Infrastructure Law Expected to Boost U.S. Surety Market: AM Best

Are you retail Agent Looking for a Quote?

Search…

Coverage, Keyword, or Company


LOOKING FOR MARKET DISTRIBUTION?


PROGRAMBUSINESS FOR CARRIERS, MGA’S & WHOLESALERS

Our robust platform enables agents to quickly contact you and begin the
underwriting, quoting, and submission process.

Schedule a Demo Learn More


LOOKING FOR A MARKET?


PROGRAMBUSINESS FOR RETAIL AGENTS & BROKERS

Find the perfect market for your risk. Search by coverage or keyword and region
and start getting quotes immediately.

Sign Up for Free Learn More

Connecting People with Insurance Problems to People with Insurance Solutions

 * Quick NavigationOpen menu
   * How ProgramBusiness Works
   * Market Directory
   * ProgramBusiness News
   * About
   * Terms & Conditions – Reseller
   * Terms & Conditions – Services
   * Terms & Conditions – Website
   * Privacy
 * Get in TouchOpen menu
   * Phone: (800) 326-2700
   * 23172 Plaza Pointe Drive, Suite 205
   * Laguna Hills, CA 92653
 * SupportOpen menu
   * Contact Our Support Team
 * Stay in TouchOpen menu
   * Facebook
   * Twitter
   * Linkedin

Download the Media Kit
Please enable JavaScript in your browser to complete this form.
Name *
First
Last
Email *
Comapny *
Phone *
Custom Captcha *
12 * 8 =
Download the Media Kit
Close



×