The carrier survey is open until Friday, April 23.
The American Transportation Research Institute (ATRI) is in the process of seeking motor carrier input and collecting data to better understand the rising costs of trucking insurance risk (i.e. insurance premium costs + SIR/deductibles paid) and how those costs are ultimately impacting the industry’s overall operational cost.
In 2020, this research was identified as a top industry priority, hitting fifth in the combined top 10 and fourth in the carrier concern list for the first time since 2005, to better understand changes insurance financial risk, and how drivers and fleets are managing insurance cost increases.
In June 2020, ATRI released comprehensive research that confirms that “large verdicts against trucking fleets are increasing dramatically, both in number and in size of awards.” ATRI’s research is based on 600 cases between 2006 and 2019. In the first five years of the data, there were 26 cases over $1 million, and in the last five years of the data, there were nearly 300 cases.
In response to arguments that nuclear verdicts reflect real-world cost increases, the research says that from 2010 to 2018, the size of verdict awards grew 51.7 percent annually while standard inflation grew 1.7 percent and healthcare costs grew 2.9 percent.
Motor carriers are asked to provide data through an online data collection form that will quantify changes in deductibles, excess insurance over minimum requirements, and how drivers and fleets are balancing insurance costs against rising risk levels.
The survey was developed with input from both motor carriers and insurance providers.
All survey responses will be kept completely confidential. Personal, organizational, and/or financial information will never be released for public use under any circumstance and will only be used internally for research analyses. The final report will only be presented in an aggregated, non-identifying format.
All survey respondents will receive an advance copy of the final report.