American Transportation Research Institute’s Post

I've been following #ATRI's latest report on operational costs, and it's quite alarming to see the trends continuing into 2024. The maintenance and repair costs, while only showing a modest increase of 2%, remain a significant concern for our industry. Maintaining operational efficiency with these rising costs is becoming increasingly challenging. It’s clear we need to strategize effectively to handle these ongoing expenses and ensure sustainability. For anyone interested in the detailed report, you can download it here: https://lnkd.in/g-TS8wt9 #TruckingResearch #TruckingCosts #MaintenanceIssues

Transportation is a segment under pressure, squeezed by high input prices and lower freight rates 🚚. Overall, the segment remains unprofitable for insurers despite several cycles of rate hikes. As we head into 2024, retailers need to continue to educate their clients on the underlying economics of why they will likely continue to see rate increases. Click here to read the full report: https://hubs.li/Q02fHpdY0 #transportation #insurance #amwins

Amwins Global Risks’ Stephen Carter and Sean Oliver, gave a London perspective for Amwins’ Transportation State of the Market. The market should be prepared for harder-to-place commodities such as auto, boat and mobile home haulers. The transportation industry is also becoming more vulnerable to the threat of cyber-attacks. Retailers will need to help prepare clients in protecting themselves from any breaches or attacks on their data. Click the link below to find out more on the 2024 State of the Market across different product lines.

Consumer Intelligence says that quoted premiums rose by 67% in the year to November. Meanwhile, the ABI puts the rise in secured policies at 29%. Insurance providers facing cost pressures can use granular vehicle centric data, alongside highly predictive data on the driver to help keep premiums fair while delivering smooth customer service. Find out more in this article by Tom Lawrie-Fussey https://splr.io/6043iLeyv #motorinsurance #dataenrichment #lexisnexisrisk

A few things are definite in this article, carriers did experience a 20% increase in insurance costs correlating to another 5-8% in operating costs which is expediting carrier exits. Even with current freight demands a correction in rates is imminent this year. There is no better time to allign with quality carriers like A Duie Pyle to secure reliable capacity at more than fair rates.

The Ogden rate, is set for another adjustment. We explore the impact of the 2017 change, current industry expectations, and potential effects on motor insurance premiums. Understand how insurers are preparing for this shift and what it means for the market. Join us on 23rd July for our webinar, 'Ogden Rate 2024: Past Lessons and Future Strategies.' 🔍 What's in Store? 🔹Looking back: Reflect on the ripple effects of the 2017 and 2019 rate changes. 🔹Initial insights: Be among the first to hear our thoughts on how brands might respond to the changes across the business market. 🔹Future forecast: Dive into the potential long-term implications for insurers and the broader industry. 🔗 Register now and secure your spot: https://hubs.ly/Q02FmZLm0 #OgdenRate2024 #InsuranceWebinar #IndustryInsights

Insurance rates in 2023 have taken an unexpected turn. Our latest price sustainability series sheds light on how brokers can help motor fleets combat rising costs with actionable insights. Learn more here: https://lnkd.in/eVsqk2AQ #Flock #FleetInsurance #Insights 

Shippers, your carriers are facing tough decisions. With rates at historic lows, carriers are seeing a drain on balance sheets and cannot afford to make payments, which will push more carriers out of the market. Carriers face tough decisions: Do I sell to somebody? Do I go out of business? What can you do as a shipper to keep your high-volume lanes well-serviced? Double down on relationships and make sure you understand the carrier's perspective by communicating with your providers, so you can talk through these issues before it reaches an inflection point. Because of the trust you’ve built with this carrier, you can get creative. It’s not always about offering higher rates. Transfix can get involved to help the carrier find a better insurance provider or even some fuel discounts. I speak more in depth about supporting your carrier network via the link in the comments. 

Forget "business as usual," the future of insurance demands proactive solutions. Underwriters are stepping up, offering risk prediction and prevention alongside traditional coverage. This shift creates a powerful win-win: lower premiums for safer customers & better risk management for everyone. But how does one accelerate this transformation? Maybe strategic partnerships, alliances, and M&A activity will be key drivers. Imagine companies combining expertise, sharing resources, and exploring new markets together. This collaborative spirit could propel the industry forward at breakneck speed.

Insurers are confronted with a multitude of major cost drivers in P&C, impacting both personal and commercial line companies. In response to the changing P&C landscape, #insurance carriers must continue to adjust and innovate their products and services to keep pace with the evolving market. Read our latest insight for more: https://lnkd.in/e-Q8ZnUt