This graph shows the percentage of policy holders who renewed their auto liability policy, year after year, with the same insurance company vs the market average - depending on which filters are selected.
The above example can be read like this; 77% of this insurance companies policy holders survived their 1st renewal, 58% survived their 2nd renewal, 45% survived their second 3rd renewal, 38% survived their 4th renewal, and 31% survived their 5th or more renewal.
In this article
- About the data
- Interpreting the data
About the data
The data used to generate this graph is based upon insurance filings derived from the US Department of Transportation's (DOT) Federal Motor Carrier Safety Administration (FMCSA). The data is updated in Market Analysis on a daily basis. Individual public lookups can be performed via the the FMCSA's Licensing & Insurance Carrier Search.
Interpreting the data
The powerful simplicity of this graph masks the considerable complexity required in deriving meaningful conclusions from the public insurance filing information that is posted by the FMCSA. Consider the following concepts;
Insurers with more than 1 writing paper
This graph can be generated for individual writing companies or for a group of writing companies that make-up a logical "insurer". The best example of this concept would be the insurer Progressive who writes business on more than 20 different individual writing papers. When generating this graph for Progressive, the results of the graph are a combination of those 20+ writing papers.
When a motor carrier stops participating in for-hire interstate business
If a motor carrier discontinues business operations that require a federal insurance filing, the motor carrier is listed as "out-of-business" for the purposes of this graph.
When an insurer posts a new filing at each renewal
Some insurance companies have a practice of posting a new public insurance filing each time that a motor carrier renews their policy. An insurance company that posts a new filings at every renewal will show as renewed with that insurance company even though a completely new posting is shown by the FMCSA.
When an insurer does not post a new filing at each renewal
Some insurance companies have a practice of leaving an insurance filing unchanged and in place for many years even when a renewal policy is written. An insurance company that fails to post an updated filings at every renewal is still counted as renewed with that insurance company even though no updated filing is posted by the insurance company.
When an insurer posts a cancelation at each renewal
Some insurance companies have a practice of posting a cancelation for an insurance policy, even when they intend to renew the policy for another term. The data used to generate this graph correctly compensates for this practice and identifies those "canceled" polices as a continuation of business with that same insurer.
Other unique scenarios
Some insurance companies - especially those who are not trucking focused - will occasionally post incorrect filings with the FMCSA. The Market Analysis performs a complex set of logical arguments in order to compensate for these data anomalies.
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