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Commercial auto insurance declines in underwriting profitability; increasing economic and social inflation continue to influence costs, says Triple-I/CAS

The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions... See also: Triple-I Blog.

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I.I.I. Glossary

STATUTORY ACCOUNTING PRINCIPLES / SAP- More conservative standards than under GAAP accounting rules, they are imposed by state laws that emphasize the present solvency of insurance companies. SAP helps ensure that the company will have sufficient funds readily available to meet all anticipated insurance obligations by recognizing liabilities earlier or at a higher value than GAAP and assets later or at a lower value. For example, SAP requires that selling expenses be recorded immediately rather than amortized over the life of the policy. (See GAAP accounting, Admitted assets )

IDENTITY THEFT INSURANCE- Coverage for expenses incurred as the result of an identity theft. Can include costs for notarizing fraud affidavits and certified mail, lost income from time taken off from work to meet with law-enforcement personnel or credit agencies, fees for reapplying for loans and attorney's fees to defend against lawsuits and remove criminal or civil judgments.

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Commercial Auto Insurance Declines in Underwriting Profitability; Increasing Economic and Social Inflation Continue to Influence Costs, Says Triple-I/CAS

For immediate release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org      NEW YORK, Oct. Read More

Triple-I Campaign Raises Awareness of Legal System Abuse Impacts in Georgia

For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org   ATLANTA, Oct. Read More

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November
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2024
In2Risk 2024 is taking place November 7-9 at Disney's Coronado Springs Resort in Orlando, FL. Checkout event website.
2024 Global Insurance Forum Presented by the IIS
November
17
2024
Join the Global Insurance Forum and explore the impact of insurance innovation at the Hyatt Regency Miami on Nov. 17-19 in Miami, FL. Checkout event website.
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