Commentary: It’s time for less talk and more solutions to trucking insurance crisis

Jan 17, 2020 at 11:55 AM CST
Insurance is not the problem. Insurance rates reflect the condition of the applicable market. Blaming insurance companies is like blaming the mirror for the image it reflects. You may not be the problem either. Even if a company operates safely, insurance premiums, in part, are based on industry performance. Most trucking companies care about safety, but we are all paying price for those who do not. The number of insurers writing trucking liability has always been limited. But the problem is worsening, with more providers leaving the marketplace in favor of more profitable industries. This leaves trucking companies with fewer options and higher rates. Double-digit increases are routine, even for companies with solid safety records.

Jan 17, 2020 at 11:55 AM CST

Insurance is not the problem. Insurance rates reflect the condition of the applicable market. Blaming insurance companies is like blaming the mirror for the image it reflects. You may not be the problem either. Even if a company operates safely, insurance premiums, in part, are based on industry performance. Most trucking companies care about safety, but we are all paying price for those who do not. The number of insurers writing trucking liability has always been limited. But the problem is worsening, with more providers leaving the marketplace in favor of more profitable industries. This leaves trucking companies with fewer options and higher rates. Double-digit increases are routine, even for companies with solid safety records.