Insurance carriers are now challenged to turn the many difficult issues facing the trucking industry into opportunities. (Photo: AP Images/ALM Media archives)
For many trucking companies, 2018 was a record year in terms of profit. However, 2019 proved to be the exact opposite — the perfect storm of major issues affecting the transportation industry, including significant overcapacity, freight rates remaining severely depressed, a harder insurance market, nuclear verdicts, and serious legislative challenges. Further, statistics from the American Transportation Research Institute (ATRI), show that, for the first time, insurance premiums ranked in the top 10 for the trucking industry's biggest overall costs.
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