Insurance premiums for fleets have soared, as nuclear verdicts made headlines, hurricanes swirled and truckers hauled atypical freight with demand shifting during the pandemic.
"We did not anticipate insurance premiums would increase in May by ... $1.1 million per month," Landstar CEO Jim Gattoni said in a July earnings call. "Recent annual premium increases to insure ... trucking companies have exceeded 200% in some cases."
Insurance was ranked the No. 5 critical issue facing the trucking industry in 2020, according to the American Transportation Research Institute's annual list. It hadn't been a top 10 issue in 15 years.
Increases and decreases in insurance prices are prompted by market conditions. That means they trail what happens in the real world, Orlando Frasca, owner and president of Rogers Insurance Services, said in November. And many analysts expect premiums will continue to rise this year after the risk events of 2020.
Fleets can take action to increase safety and reduce their premiums. Check out the stories below to read about the factors causing high insurance costs, how fleets are working to lower them and the advice insurance experts are giving to the trucking industry.