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2024 Excess Trucking State of the Market

2024 Excess Trucking State of the Market

Price increases are decelerating in a more manageable excess trucking market after sharp hikes over the last two years. Still, carriers remain cautious and selective. Smaller accounts may have an easier time, but larger accounts should expect a bumpier ride.

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Why Non-Trucking Liability Insurance is Key Coverage for Carriers & Drivers

Why Non-Trucking Liability Insurance is Key Coverage for Carriers & Drivers

The trucking industry has experienced a volatile cycle over the past few years, and it continues to grapple with the COVID pandemic's economic fallout and driver shortages. In 2022, the trucking sector saw a shortage of just over 78,000 drivers, down only slightly from 2021’s shortage of 81,000 drivers (source 1). Controlling losses remains a big challenge for the trucking industry, especially as the need for drivers grows. According to the American Trucking Association, the trucking industry is likely to see a record deficit of 160,000 drivers by 2030 (source 5).

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Train Derailment Impacts on Environmental Insurance Liability

Train Derailment Impacts on Environmental Insurance Liability

On February 3, 2023, a train derailed in East Palestine, Ohio. Thirty-eight of the cars left the track, including 11 that were carrying hazardous materials. In the aftermath of the derailment, the EPA has declared that the water and air in East Palestine are safe, but questions remain about environmental liability.

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California Law Changes Create Uncertainty for Trucking Industry

California Law Changes Create Uncertainty for Trucking Industry

Two topics have been dominating the conversation across California’s trucking industry in recent months: California Air Resources Board (CARB) regulations and California Assembly Bill 5 (AB5). As these laws take effect, trucking company owners and drivers are working to understand the laws’ impact on daily operations and their insurance programs (source 2).

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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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2024 Excess Trucking State of the Market
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