Uber losing its insurance provider

[AustinAD99]

“Commercial auto has been a very challenging line for the industry as a whole and presumably more so for Uber, perhaps a function of its high profile,” Hughes wrote. “We have commented recently on the growing concern regarding the phenomenon of ‘social inflation’ which often manifests in higher jury awards, which make it challenging for insurers to accurately forecast future payouts.”

“This account has not met our expectations for profitability, and we think it best to terminate the underwriting relationship as of year-end,” Chief Executive J. Adam Abram said in a late Tuesday statement.

Wonder if Uber will have to raise rates a tad for new insurance deal or more than likely just steal it from the drivers...

LINK

 

[whiskeyboat]

just more pressure on a business already squeezed

they will continue to chisel at driver pay but until they can raise rates they will keep hemorrhaging money

 

[DriverRI]

Is Progressive the only provider here in Texas for Uber?

 

[AustinAD99]

From another (nation level thread) that Uber has been transitioning to other insurance underwriters for a while now.
Interesting that U/L are becoming a high dollar target for lawsuits...some of them rightly so - what with needing little more than a pulse and a 'clean' record to start driving.

 

[whiskeyboat]

the TNCs (or their insurers) have to be pretty juicy targets for lawsuits
I wonder if they will start to pay more attention to driving metrics and warn or deactivate drivers that speed frequently or exhibit other risky behaviors?

 

[DriverRI]

From another (nation level thread) that Uber has been transitioning to other insurance underwriters for a while now.
Interesting that U/L are becoming a high dollar target for lawsuits...some of them rightly so - what with needing little more than a pulse and a 'clean' record to start driving.

Great info. Thanks!!