Over the last 10 years, commercial trucking insurance rates have skyrocketed. Despite those rate increases, however, insurance companies are experiencing losses, which means the transportation insurance industry is seeing continued deterioration and availability in capacity.
“We have a flash recession caused by a natural disaster. Normally natural disasters are regional. This natural disaster was not only countrywide but worldwide,” Don Ake, the FTR Intelligence vice president for commercial vehicles, said during a recent FTR Engage virtual session on commercial vehicle supply.
“The recession is likely over.”
Bob Costello, the American Trucking Associations’ (ATA) chief economist, delivered this promising, unofficial news to virtual attendants of the 2020 McLeod Software User Conference during a Sept. 30 presentation on the economy.