EVERY ACCIDENT IS COSTING MORE
The impact of large claims is the biggest reason for increased overall costs. Just 3% of all accidents drive 75% of all incurred losses.
And now, it's far easier to run a claim over $100k than ever before. From 2010 to 2016, the percentage of claims that exceeded $100k nearly doubled.
INSURANCE COMPANIES ARE LOSING, TOO
Even though it's probably hard to believe, insurance companies aren't actually benefiting from increasing rates. In fact, the 'nuclear verdicts' won by plaintiff attorneys are making it one of the toughest times to be an insurance company.
Seemingly every month, a major insurance carrier announces that they are ending their truck insurance practice due to mounting losses.
Increase your company's value by becoming a top-performer.
If we're really going to change the way the insurance game works, we can't expect to win by doing the same things we've always done.
Your performance matters more than ever right now. And the best trucking companies turning their cost of risk into a competitive advantage. Here are the 5 ways that the highest-performing companies are DE-RISKING their business and amping up their performance:
1. UNCOMPROMISING SAFETY CULTURE
2. CATASTROPHIC CLAIMS AND VERDICTS
3. PROACTIVE CLAIMS SETTLEMENTS
4. HIGH OWNERSHIP OF RISK
5. FINANCING RISK VS. BUYING INSURANCE
A year ago, we set out on a mission to determine how prevalent insurance dependency is in the trucking industry– and why companies were unable to break-free.
THIS IS WHAT WE FOUND: Many trucking executives feel like they don’t have control over their insurance costs. Even when they perform well, insurance companies demand a rate increase.