Insurers eye safety technologies

From Transport Topics.

As the trucking industry grapples with a litigious environment and many motor carriers struggle to manage ever-rising insurance premiums, safety technologies have captured the attention of the insurance industry. Collision mitigation systems, telematics and onboard cameras can help fleets reduce or possibly eliminate costly and catastrophic losses, industry representatives said.

Rates and premiums for commercial auto liability insurance policies continue to rise, as they have been for the past several years, said Todd Reiser, vice president of the transportation practice at insurance broker Lockton Cos. Pricing is based on individual company loss experience as well as general industry trends and actuarial analysis, he noted. “Rate increases have ranged from single digits to, in some cases, double or worse depending on these factors.”

And the excess liability insurance market, Reiser said, “is in worse shape than the primary layer market, and is experiencing substantial rate increases combined with significant reductions in available capacity.”

See the complete article from Transport Topics online.