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Total direct premiums earned for property/casualty lines of business increased by more than $25 billion from 2016 to 2017, according to the National Association of Insurance Commissioners’ latest profitability report.
Direct premiums earned totaled $623.7 billion last year, a 4.3% increase compared with the $598.2 billion in direct premiums earned in 2016, according to the NAIC’s 2017 Profitability Report released Wednesday. But fire, medical professional liability, workers compensation and financial guaranty all experienced declining direct earned premiums, according to the report.
Total commercial auto losses incurred rose for the fourth straight year, reaching 70.2% of direct premiums earned in 2017, after a slight dip in 2013, according to the report. Direct premiums earned for the commercial auto sector rose 7.7% to $34.7 billion in 2017 compared with $32.2 billion reported in 2016.
The data used in the report is obtained from annual financial statements and exhibits filed with the NAIC by 2,887 property/casualty insurers, with more than 95% of the premiums written in the United States estimated to be represented in the data.
Average premiums across all sizes of commercial accounts increased by 1.5% in the 2018 second quarter, according to the Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Index Survey.