top 25 writers prop up premium for new york commercial automobile
DESCRIPTION
For the year ending December 31, 2011, Direct Premium Written (DPW) for New York commercial automobile writers remained relatively flat compared to the year ending December 31, 2010, decreasing less than one percent. This decrease to New York commercial automobile DPW represents an approximately $10 million change from the prior year. In fact, DPW has remained fairly stagnant since 2009 for commercial automobile writers in New York. More...TRANSCRIPT
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For the year ending December 31,2011, Direct Premium Written(DPW) for New York commercial
automobile writers remained relatively flatcompared to the year ending December31, 2010, decreasing less than one percent.This decrease to New York commercialautomobile DPW represents an approxi-mately $10 million change from the prioryear. In fact, DPW has remained fairlystagnant since 2009 for commercial auto-mobile writers in New York.
In contrast, the 2011 DPW reported forNew York commercial automobile writersindicated a sharp decline when compared tothe level from 2007. Since 2007, DPW hasdecreased approximately $149 million forcommercial automobile writers in New York.
Joseph L. Petrelli, President, Demotech,Inc., in assessing the data states, “Althoughwe can hope that the decrease in premiumvolume is related to declines in commercialautomobile loss frequency, severity orenhanced law enforcement, the reality islikely softness in the pricing cycle.”
The three New York commercial auto-mobile are commercial automobile no-fault,commercial automobile physical damageand other commercial automobile liability.Of these three lines of business, other com-mercial automobile liability accounted for$1.36 billion, or 78 percent, of the total 2011New York DPW. Commercial automobilephysical damage accounted for 14 percent
and commercial automobile no-faultaccounted for 8 percent of the total 2011New York DPW, $225 million and $160million respectively.
Top 25 Individual Companiesby 2011 Year-end DPW Growth
As of December 31, 2011, the Top 25individual New York commercial automo-bile insurers increased their direct premi-um written by nearly 25 percent, approxi-mately $123 million, year over year. Incontrast, the remainder of insurers writingNew York commercial automobile report-
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[LAST WORD] By Douglas A . Powell, Demotech, Inc.
Top 25 Writers Prop Up Premium forNew York Commercial Automobile
2011 Commercial Auto DPW in New York
No Fault
Physical Damage
Other Liability
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“Although we can hope thatthe decrease in premiumvolume is related todeclines in commercialautomobile loss frequency,severity or enhanced lawenforcement, the reality islikely softness in thepricing cycle.”
- Joseph L. PetrelliPresident, Demotech, Inc.
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38 September 24, 2012 / INSURANCE ADVOCATE
Direct Premium Written -
Commercial Auto in New York
ed a decrease in DPW of approximately10.6 percent, or $132.5 million, year overyear. As stated above, in total, direct pre-mium written for New York commercialautomobile writers decreased $9.8 million,less than one percent. Consequently, the
Top 25’s growth almost offset the decreasein premium experienced by the other NewYork commercial automobile insurers. [IA]
Powell is a senior financial analyst withDemotech, Inc. and possesses extensiveexperience in monitoring, reviewing andassessing the financial stability of insur-
ers. He also acts as a liaison on behalfof Demotech and its clients in correspon-dence with various government agen-cies, insurance industry associations, in-sureds and the media. Email questionsand comments to [email protected]. You may also follow him on Twitter– @powdoug.
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