top 25 writers prop up premium for new york commercial automobile

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[ CLASSIFIEDS ] AGENTS–WE CAN HELP WITH YOUR FLORIDA CLIENTS. WRITING PERSONAL & COMMERCIAL LINES Commissions P aid Call or Email Lisa at (561) 395-5220 [email protected] AGENTS • PRODUCERS • BROKERS “LET OUR OFFICE BE YOUR OFFICE” SERVICE and/or PURCHASE 35 Major National & Regional Carriers Competitive Commercial & Personal Lines Private Offices & Conference Rooms Licensed in all States - Est. 1974 Plainview, N.Y. Ask For Richard or Evan Bower. 516-576-0400 Ext. 0 E-Mail: [email protected] www.thebggroup.com INSURANCE ADVOCATE / September 24, 2012 35 Agents - Let Our 30 Years of Experience Benefit You!! SEEKING TO SERVICE OR PURCHASE INSURANCE AGENCIES IN QUEENS, NY Three Locations: Astoria, Bayside, West Hempstead Competitive Markets - 20+ A Rated Carriers State-of-the-art Office Complete with AMS 360 Office Management Solution, Comparative Rater, Private Conference Rooms Ask for Peter Phillips (718) 545-4700 [email protected] PHILLIPS BROKERAGE F or 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 approxi- mately $10 million change from the prior year. In fact, DPW has remained fairly stagnant since 2009 for commercial auto- mobile writers in New York. In contrast, the 2011 DPW reported for New York commercial automobile writers indicated a sharp decline when compared to the level from 2007. Since 2007, DPW has decreased approximately $149 million for commercial automobile writers in New York. Joseph L. Petrelli, President, Demotech, Inc., in assessing the data states, “Although we can hope that the decrease in premium volume is related to declines in commercial automobile loss frequency, severity or enhanced law enforcement, the reality is likely softness in the pricing cycle.” The three New York commercial auto- mobile are commercial automobile no-fault, commercial automobile physical damage and 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 2011 New York DPW. Commercial automobile physical damage accounted for 14 percent and commercial automobile no-fault accounted for 8 percent of the total 2011 New York DPW, $225 million and $160 million respectively. Top 25 Individual Companies by 2011 Year-end DPW Growth As of December 31, 2011, the Top 25 individual New York commercial automo- bile insurers increased their direct premi- um written by nearly 25 percent, approxi- mately $123 million, year over year. In contrast, the remainder of insurers writing New York commercial automobile report- WILL PURCHASE AN ACTIVE INSURANCE BUSINESS - TERMS OR PREFERENCES CALL RUBIN (718) 352-3440 OR EMAIL [email protected] [ LAST WORD ] By Douglas A. Powell, Demotech, Inc. Top 25 Writers Prop Up Premium for New York Commercial Automobile ,* &%* $,* 2011 Commercial Auto DPW in New York No Fault Physical Damage Other Liability #"!" "" " " "" ! " " ! " ! " "" " ! ! "!" continued on page 38 “Although we can hope that the decrease in premium volume is related to declines in commercial automobile loss frequency, severity or enhanced law enforcement, the reality is likely softness in the pricing cycle.” - Joseph L. Petrelli President, Demotech, Inc.

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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...

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Page 1: Top 25 Writers Prop Up Premium for New York Commercial Automobile

[CLASSIFIEDS ]

AGENTS–WE CAN HELP WITH YOUR FLORIDA CLIENTS.

WRITING PERSONAL & COMMERCIAL LINES

Commissions PaidCall or Email Lisa at (561) 395-5220

[email protected]

AGENTS • PRODUCERS • BROKERS“LET OUR OFFICE BE YOUR OFFICE”

SERVICE and/or PURCHASE35 Major National & Regional Carriers

Competitive Commercial & Personal LinesPrivate Offices & Conference Rooms

Licensed in all States - Est. 1974Plainview, N.Y.

Ask For Richard or Evan Bower. 516-576-0400 Ext. 0

E-Mail: [email protected]

INSURANCE ADVOCATE / September 24, 2012 35

Agents - Let Our 30 Years of Experience Benefit You!!

SEEKING TO SERVICE OR PURCHASEINSURANCE AGENCIES IN QUEENS, NY

Three Locations: Astoria, Bayside, West Hempstead

Competitive Markets - 20+ A Rated CarriersState-of-the-art Office Complete with

AMS 360 Office Management Solution,Comparative Rater,

Private Conference RoomsAsk for Peter Phillips

(718) [email protected]

PHILLIPSBROKERAGE

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-

WILL PURCHASE ANACTIVE INSURANCEBUSINESS - TERMS OR PREFERENCES

CALL RUBIN (718) 352-3440OR EMAIL

[email protected]

[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

continued on page 38

“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.

INA 9-24-12_INA 9-24-12 9/26/12 4:23 PM Page 35

Page 2: Top 25 Writers Prop Up Premium for New York Commercial Automobile

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.

continued from page 35

[LAST WORD]

INA 9-24-12_INA 9-24-12 9/26/12 4:23 PM Page 38