Will you be attending the NIADA Convention & Expo June 12-15 in Las Vegas, NV?
If so, please contact our business development manager, Neiman Maske, at nmaske@dmi-insurance.com in order to setup a meeting as we are considering attending.
Creating A Competitive Edge
Every market has something different to offer; additional
coverage, endorsements and sometimes exclusions. The following list provides
key selling points that give DMI’s program an advantage over our competition:
Symbol 21 “Any Auto”
Up to $100,000 DOL temporary location coverage
Unlimited radius liability and drive away collision coverage.
Up to $90,000 maximum per vehicle limit
Physical damage coverage is automatically included for watercraft up to
26 feet in length while ashore on the premises
Equipment break down is automatically included when property coverage is
afforded.
No "Surplus Lines" type exclusions
Auto Liability Market Observations
State Farm joined the ranks of property/casualty insurers reporting challenges in their auto insurance line of business. State Farm said it lost $7 billion on its auto insurance underwriting in 2016.
The State Farm property/casualty (P/C) companies reported an overall underwriting loss of $5.5 billion in 2016 on earned premium of $61.7 billion, compared to an underwriting loss of $2.1 billion on earned premium of $58.6 billion in 2015.
Auto insurance business represents 63 percent of the P/C companies’ combined net written premium. Earned premium was $38.8 billion, an increase of 6.9 percent from 2015. Incurred claims and loss adjustment expenses were $35.8 billion. The underwriting loss was $7.0 billion.
Comparable 2015 figures were: earned premium, $36.3 billion; incurred claims and loss adjustment expenses, $31.0 billion; underwriting loss, $4.4 billion.
State Farm is not alone in seeing deteriorating results in its auto insurance line. It joins GEICO, Travelers, Allstate, The Hartford and other insurers looking for ways to counter rising auto costs. Analysts have reported that the auto line has been a drag on P/C insurers’ results.
