Commercial Auto Insurance
Increasing prices and an expanding fleet of vehicles have been instrumental to growth of the Commercial Auto Insurance industry's revenue rising during the five-year period to 2019. In conjunction with the domestic consumer vehicle fleet increasing, commercial use of vehicles has steadily risen, enabling industry operators to increase coverage exposure. Investment income has also risen during the period due to a bull market at the beginning of the period for a wide range of asset classes in which industry operators invest. Over the five years to 2024, industry revenue is forecast to rise. Continued improvements in key macroeconomic variables, such as the number of motor vehicle registrations, are expected to benefit industry operators. Additionally, operators are expected to be better able to price the new risks associated with commercial auto insurance. This will enable premium rate hikes to slow without compromising profitability.
This industry provides underwriting coverage for commercial cars, trucks, vans and other vehicles. This coverage is typically excluded from Business Owners’ Policies.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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