Trucking companies face complex risks, from predatory towing and theft to rigorous regulations. These risks have created challenges in providing trucking companies and drivers with adequate insurance protection. However, innovative new products can help retail agents better serve their trucking clients’ needs.

More trucks on the road can increase the frequency of accidents, including fatalities. Controlling losses continues to be a challenge for the trucking industry as the sector struggles to hire qualified drivers and balance rising operational costs. Read more about what’s happening in the trucking industry and the unique risks facing insureds.

Price increases are decelerating in a more manageable excess trucking market after sharp hikes over the last two years. Still, carriers remain cautious and selective. Smaller accounts may have an easier time, but larger accounts should expect a bumpier ride.

The trucking industry has experienced a volatile cycle over the past few years, and it continues to grapple with the COVID pandemic's economic fallout and driver shortages. In 2022, the trucking sector saw a shortage of just over 78,000 drivers, down only slightly from 2021’s shortage of 81,000 drivers (source 1). Controlling losses remains a big challenge for the trucking industry, especially as the need for drivers grows. According to the American Trucking Association, the trucking industry is likely to see a record deficit of 160,000 drivers by 2030 (source 5).

Two topics have been dominating the conversation across California’s trucking industry in recent months: California Air Resources Board (CARB) regulations and California Assembly Bill 5 (AB5). As these laws take effect, trucking company owners and drivers are working to understand the laws’ impact on daily operations and their insurance programs (source 2).