Economic challenges have altered the landscape of every industry—and the public-transit sector is no exception.
Aon Risk Solutions' 2011 Public Transit Liability Benchmark Analysis, which was designed to provide public-transit risk managers with a better understanding of the liability cost of risk, found that over the last five accident years Public Transit Liability costs have been increasing.
Since 2006 there has been a 3-percent-average annual-loss-rate increase, a 1-percent-average annual-claim-frequency increase and a 2-percent-average annual-claim-severity increase. In addition, the study concluded that there are significant differences in the frequency and severity of liability claims for bus operations compared to those of rail operations.
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