Although not as impacted as the Commercial Auto Liability insurance market, Auto Physical Damage and Motor Truck Cargo insurance can be challenging for agents to place. Vehicle damage represents a growing share of the costs of paying claims, in part fueled by the increasing expense of replacing parts in newer vehicles with more advanced technology. Today’s highly automated vehicle relies on array of devices, including radar, light detection and ranging, cameras, graphics-processing units, and central processing units.
Motor Truck Cargo rates have experienced a surge, with some carriers restructuring and a lack of experienced capacity resulting in a hardened market.
Seneca’s underwriting experience and success in this space enable us to continue to provide admitted and non-admitted solutions for Auto Physical Damage and Motor Truck Cargo insurance to the transportation sector.