Commercial Auto Insurance in the US - Industry Market Research Report

Hit the Road: An Expected Economic Recovery Will Boost Industry Revenue Growth

An expanding commercial auto insurance market has been instrumental to the growth of the commercial auto insurance industry's revenue over the past five years. Operators directly underwrite commercial liability, collision and comprehensive insurance policies, covering medical and property damage expenses resulting from business clients' vehicle accidents. A steady increase in e-commerce and transportation network company demand and a growing economy and vehicle fleet bolstered industry revenue. In 2020, because of the pandemic, expanded e-commerce and shipping activity increased demand for commercial auto insurance and thereby maintained premium rates, limiting the volatility the industry experienced that year. Overall, over the past five years, revenue has grown at a CAGR of 4.1% to $65.2 billion, including an expected 1.7% increase in 2023. Profit is expected to slump to 11.7% of revenue in 2023 from 11.9% in 2018.

This industry provides underwriting coverage for commercial cars, trucks, vans and other vehicles. This coverage is typically excluded from Business Owners’ Policies.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.