In a recent webinar on the state of insurance in the freight industry, FreightWaves and FleetLocate by Spireon brought together two experts to discuss several key issues impacting carriers:
- Current market environment (insurance carriers in the market vs. exiting)
- Excess insurance (umbrella) rates
- Nuclear verdicts vs. higher-than-normal incident rates and the economic impact
- The impact of the coronavirus on insurance rates
- What happens when stock market support falls apart
- Captive vs. traditional insurance markets
- Future trends, including activity-based pricing for carriers
- Brokerage liability
Carriers are experiencing significant strain when it comes to rising insurance costs, which have doubled in the past few years. Abnormally high accident rates—including those involving fatalities—and nuclear settlements with multi-million-dollar payouts are largely to blame and are impacting carriers of all sizes, in addition to their customers. Despite a rise in technologies that are designed to enhance safety, the economic impact of these skyrocketing rates is undeniable.
The State of Insurance in the Freight Industry
In this discussion on the impact of rising insurance rates and how companies can best position themselves to handle these costs, we heard insights from Chris Henry, Vice President of Carrier Profitability and Program Manager for the TCA Profitability Program, as well as Andrew Ladebauche, Co-Founder and CEO of Reliance Partners.
If you missed this useful webinar, you can catch it on video—either in short video bites, or in the full length recording.
Don’t miss this useful information—watch now!
Co-Founder and CEO, Reliance Partners
As Co-Founder and CEO of Reliance Partners, Andrew has been an integral part of the company’s growth since its formation in 2009. He built the foundation of the company with an entrepreneurial spirit and a sharp eye on an ever-changing marketplace.
Vice President of Carrier Profitability,
Program Manager for the TCA Profitability Program
Chris Henry has spent his entire 20-year career in transportation. In 2014, he founded the online motor carrier benchmarking service StakUp. As a result of a partnership with the Truckload Carriers Association (TCA) in 2015, StakUp was rebranded as inGauge and Henry became the program manager for the TCA Profitability Program (TPP), an exclusive benchmarking initiative that includes more than 230 motor carrier participants throughout North America. Since joining the program, participation in TPP has grown over 300%. In June 2019, StakUp was acquired by FreightWaves and Henry became its vice president of carrier profitability, in addition to his role with TPP.