With court-ordered payouts climbing, fleets can expect insurance renewals to rise 25%

November 26, 2019

“Nuclear” verdicts by juries in the last decade will cause insurance premiums to go up between 20 and 25 percent when carriers renew their policies in 2020, “even if they are doing an outstanding job,” a speaker told fleets at the CCJ Solutions Summit, Nov. 19 in Scottsdale, Ariz.

Insurance companies in the trucking market have been running 120 percent loss ratios for the last seven to eight years, and “it is going to be a really hard year for renewals,” said Bert Mayo, vice president of risk solutions for insurance broker TrueNorth Companies.