From our friends over at Risk Placement Services (RPSIns.com)
Insights into the current state and future state of the U.S. Transportation insurance market
The transportation industry has bounced back from the thick of its COVID-19 challenges, but trying times persist. While demand for transportation services is strong, insurance costs are increasing, driver shortages remain, and claims are on the rise. In addition, the claims backlog and inflationary costs of repair/replacement are putting more pressure on the transportation firms themselves to manage their losses or run the risk of a non-renewal from their current carrier.
Despite several headwinds that persist in the industry, RPS remains very bullish on the opportunities for transportation operators and insurance providers alike. "Trucking and transportation have always been the lifeblood of America's economy, and we still foresee growth and opportunity continuing into 2023," says Mark Gallagher, vice president, National Transportation practice leader for RPS.
The 2022 U.S. Transportation Market Outlook examines the current state of this sector and provides insights on how you can you help clients navigate this situation to ensure smooth renewals for the remainder of the year. Learn key insights from the 2022 U.S Transportation Market Outlook, including:
Various challenges facing the transportation industry, outside of the general economic outlook
The effect of potential nuclear verdicts lurking in the backlog of existing court cases that will unwind in the remainder of 2022 and into 2023
A look into the labor shortage issue that could lead to more inexperienced, accident-prone truck drivers on the road
Steps that the industry and carriers are taking to improve safety, notably using telematics data to monitor and improve driver behavior
Download the full 2022 U.S. Transportation Market Outlook to learn more.