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Primary Trucking Insurance State of the Market

Primary Trucking Insurance State of the Market

The trucking industry continues to bounce back from the 2020 pandemic, but the recovery hasn’t been all smooth sailing. According to the American Transportation Research Institute’s (ATRI) 2022 survey, 2021 was the costliest year on record for the trucking industry, and the trend was expected to continue with 2022 (source 1).

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How Digitization Is Driving Cyber Risk for Motor Carriers

How Digitization Is Driving Cyber Risk for Motor Carriers

Motor carriers have traditionally been paper-based businesses with bills of lading, inspection reports, delivery receipts, and other necessary operational documents kept in tangible files. As more trucking businesses go digital, they are entering a new world of improved efficiency that also comes with larger data volume and increased cyber risk.

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Severity & Frequency of Truck Accidents is on the Rise

Severity & Frequency of Truck Accidents is on the Rise

Commercial trucking often serves as a trusted barometer for the U.S. economy. In 2020, America’s truckers carried 10.23 billion tons of freight and generated $732.3 billion in revenue (source 1).

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State of the Market: Excess Trucking in 2022

State of the Market: Excess Trucking in 2022

It’s no secret that the excess trucking insurance landscape has been rocky in recent years. Pricing for commercial auto insurance began rising near the end of 2011 and increased for 40 consecutive quarters. A recent history of harsh vertical judgments also seriously hampered the sector. Over the last ten years, commercial auto underwriters recorded more than $22 billion in losses (source 4). However, after several years of keeping pace with or surpassing primary carrier increases, the excess trucking market is starting to show some stability.

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Rapid Growth of TPLF Impacts Insurance Affordability

Rapid Growth of TPLF Impacts Insurance Affordability

Over the last decade, third-party litigation funding (TPLF) has evolved into a $17 billion industry worldwide, and 52% of that money is being spent in the U.S., making TPLF a key contributor to social inflation, hiking up jury awards and claim settlements that may have a significant impact on insurance prices and coverage availability.

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2023 State of the Market at a Glance | Casualty, Construction, ExecPro, Healthcare, Personal Lines, & Property
2023 State of the Market at a Glance | Casualty, Construction, ExecPro, Healthcare, Personal Lines, & Property
Many SPACs Wind Down While Litigation May Loom for Others
Many SPACs Wind Down While Litigation May Loom for Others
New War & Terrorism Exclusions Complicate Cyber Market
New War & Terrorism Exclusions Complicate Cyber Market
Medical Malpractice Claims Trends
Medical Malpractice Claims Trends
Primary Trucking Insurance State of the Market
Primary Trucking Insurance State of the Market
Property REDY® Index January 2023
Property REDY® Index January 2023
Excess & Umbrella REDY® Index January 2023
Excess & Umbrella REDY® Index January 2023
Private D&O REDY® Index January 2023
Private D&O REDY® Index January 2023
Cyber REDY® Index January 2023
Cyber REDY® Index January 2023
Why Every Restaurant Needs Foodborne Illness Insurance
Why Every Restaurant Needs Foodborne Illness Insurance
VPN & MFA: Why Cyber Insurance Applicants Need Both
VPN & MFA: Why Cyber Insurance Applicants Need Both
OPPI: Professional Liability Designed for Project Owners
OPPI: Professional Liability Designed for Project Owners