Trends driving the hard transportation market in 2020

Firming of the commercial auto insurance market is expected to continue through the end of 2020, says a new report from RPS. (Photo: Shutterstock)

The range of challenges — including infamous nuclear verdicts — that have negatively impacted the commercial auto market in recent years will continue to harden the struggling market through the year’s end, says a new report from Risk Placement Services (RPS).

Premium rates in the sector have increased 10-15% year-over-year since 2010, driven primarily by the trucking segment, according to the “U.S. Transporation Market Outlook” report. Other factors such as an aging workforce, driver shortage, distracted driving, fleet maintenance and social inflation also have contributed to rising premium rates.