Over the past five years the commercial transportation industry has gone through a period of substantial change. With the lagging response from the insurance industry to address what is a significant problem for transportation risks…the high cost and availability of commercial auto insurance.
Recently, with the traditional insurance carriers incurring large losses from the heavy (trucking) transportation accounts as well as the increased regulatory requirements adding the growing interest in the semi-autonomous vehicle the environment is ideal for utilizing a Risk Retention Group and/or Captive Insurance structure. These alternate risk structures assist in addressing the growing market void in the commercial transportation (trucking) sector.
The commercial transportation industry with over 15.5 million trucks and over 2.2 million tractor trailers operating in the United States is going through a period of substantial change that can set the basis for the next five to ten years.
New Technology, better Risk Management techniques, Increased Technology in Loss Control and forming risk bearing insurance solutions will assist the transportation industry in controlling its cost of insurance.