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5. For-Hire Trucking Faces a Growing Workforce Crisis

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The trucking industry faces a critical shortage of approximately 60,000 drivers, according to American Trucking Association projections. This shortage is expected to worsen to 160,000 by 2030 as freight demands increase and aging drivers retire.

 

2. New Jersey Sets Precedent with Insurance Requirements for Trucking

In a groundbreaking move, New Jersey became the first state to raise minimum insurance requirements for auto carriers to $1.5 million. This change effectively doubles the FMCSA requirement and raises questions about whether other states will follow.
 

7. Driver Assistance Technology Reshapes Risk Assessment for For-Hire Trucking

Advanced driver assistance systems and safety technologies are fundamentally changing how insurers assess risk in the trucking industry.
 

8. Innovation in Insurance Products Targets Mid-Size For-Hire Truckers

Insurers are developing new insurance products specifically aimed at helping mid-size trucking operations, breaking from the traditional focus on large fleets.
 

6. Long-term Climate Regulations Transform the For-Hire Trucking Industry

California has mandated that all new trucks sold in the state must be zero-emissions by 2045, leading the way in environmental regulation. This landmark legislation signals a broader shift toward sustainable transportation.
Copyright © 2024 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.