Heightened market competition is hurting auto insurance companies in the United States, according to a new report.

Fitch Ratings said that despite strong operating performance since 2003 for the U.S. private passenger auto insurance market, tougher days loom.

The increased competition has meant a weakening of pricing in the last few years, which, in turn, means a gradual deteriorating of results for the companies, the report said.

The report adds that there is a “strong likelihood” for a return to an underwriting loss for this year. Those factors could hurt the insurers’ ratings, Fitch noted.