As the economy continues to recover, an increase in the frequency and severity of commercial vehicle crashes has prevented construction and other companies from fully profiting from the turnaround.
There are many reasons why severity is increasing, including more miles driven, a shortage of experienced drivers, and distracted driving. The pressure to hire more drivers, more quickly, can soon drive up auto exposures.
The cost of crashes is also rising. From 2012 to 2015, auto loss costs increased a cumulative 20 percent, according to the Insurance Services Office. Driving these costs are medical care expenses, which now outpace the Consumer Price Index, along with higher bodily injury and property damage payments.
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