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The Power of Specialized Carriers in a Volatile Market

Jul 7, 2023 | News Release

How can agents and brokers help their clients find stability in a volatile market?

Hear from BHHC P&C execs in the latest issue of Rough Notes.

 

Jeff Morris, BHHC’s Vice President of P&C Marketing & Operations, and Brian Hall, Vice President of P&C Products & Underwriting, answer this question and more in The Rough Notes Company, Inc. June 2023 issue, where they discuss the challenges and changes the commercial auto industry faces today, from inflation to telematics.
 
“The commercial auto market is still experiencing serious difficulties. Inflation is affecting claim severities and loss development, leading to increased uncertainty regarding necessary rate levels,” says Morris.
In the article, by author Joseph S. Harrington, who highlights the road to achieving a new equilibrium in the commercial auto market, Morris continues:
“The first thing I would recommend to an agent or broker is to let their customers know that their federal motor carrier safety data is very important for insurance purposes. This information has proven to be very predictive of loss experience.”
In addition to tracking their federal motor carrier safety data, Morris recommends agents analyze the risks of rapid growth and encourages them to place trucking clients with specialty carriers experienced in underwriting, coverage, and claims-handling.
 
It’s no secret that in a volatile market, dependable expertise paired with actionable insights is the most reliable way to maintain or even increase profitability.
 
Learn more about what you can do to help your clients find stability in today’s market in the June issue of Rough Notes on page 34.

The Berkshire Hathaway Homestate Companies (BHHC) are a group of six insurance carriers that are part of the Berkshire Hathaway insurance group. Headquartered in Omaha, Nebraska, and with over 50 years in business, BHHC has evolved from a regional carrier to a national insurance group writing a diverse book of policies from coast to coast. The Berkshire Hathaway Homestate Companies include Berkshire Hathaway Homestate Insurance Company, BHHC Special Risks Insurance Company, Continental Divide Insurance Company, Cypress Insurance Company, Oak River Insurance Company, and Redwood Fire and Casualty Insurance Company. Berkshire Hathaway Homestate Companies (BHHC) have earned an enviable record of success in the insurance industry. Supported by A.M. Best’s highest financial strength rating of A++ (Superior) (as of February 1, 2023), our corporate size enables our organization to react swiftly and effectively to opportunities in the insurance marketplace. Our financial strength provides our employees, agency partners, and policyholders the security rarely available in today’s marketplace. Browse bhhc.com to learn more.