"For-Hire Trucking: The Risky Road Ahead" Webinar
The American Transportation Research Institute's annual report showed lawsuit abuse reform reached its highest position in 20 years of industry surveys.
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.
Medical costs have skyrocketed, substantially increasing claims expenses even for basic incidents like broken bones. This cost escalation has prompted carriers to reduce capacity and increase rates dramatically.
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.
Insurers are developing new insurance products specifically aimed at helping mid-size trucking operations, breaking from the traditional focus on large fleets.
