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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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Truck Accident Frequency and Claims Severity on the Rise

Truck Accident Frequency and Claims Severity on the Rise

Commercial trucking serves as a barometer for the economy. It represented nearly 71% of the tonnage carried by all modes of domestic freight transportation in 2017, including manufactured and retail goods. With more trucks on the road, there were also more accidents, including a rise in fatalities. Trucks were involved in 59% more accidents per mile than in 2010, despite the new technologies and the best efforts of regulators, according to the American Trucking Association (ATA). Further, the number of people who died in large truck crashes was also 30% higher than in 2009, when it was the lowest it has been since the collection of fatal crash data began in 1975.

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State of the Market: Excess Trucking

State of the Market: Excess Trucking

Increasing frequency and severity in commercial auto claims are causing the marketplace for excess trucking liability to become even more turbulent. Trucking insurers have faced several years of challenging business conditions, and many are now forced to reduce the limits they offer and increase rates significantly for trucking risks.

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Rough Road Ahead in Commercial Auto

Rough Road Ahead in Commercial Auto

Commercial auto has always been a risky business, and it’s getting more difficult to insure. Insurance markets are becoming highly selective about auto liability risks as loss costs climb sharply. Retail agents need to help their insureds understand that the marketplace is changing, but they still have options to navigate challenging conditions.

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