Carriers manage insurance
Insurance costs have risen significantly in the past decade, and 2024 should be no exception. What can expect when carriers manage insurance next year? Insurance is a major expense in trucking, especially for small fleets and owner-operators.
Those expenses could become even greater in 2024—unless fleets take proactive measures. As freight markets dipped after the pandemic surge, many large and small carriers have struggled. Many small companies and independent drivers who were established during the freight boom of the pandemic era folded during the economic pressures of the last year—a triple-threat of low rates, expensive fuel, and inflation. According to FMCSA data, there have been about 75,000 operating authority revocations among small fleets and owner-operators since 2022 largely due to economic tribulations.
Carriers manage insurance
The good news is that, for the drivers who have survived so far, the worst is likely over. Yet while freight rates were down in 2023, insurance costs are not. Nuclear verdicts continue to plague the trucking industry, and carriers pay out millions over crashes that they may not have even caused. Insurance premiums have risen in tandem with these lawsuits and settlements. The continued adoption of safety tech, such as advanced driver-assistance systems, cameras, and other telematics devices, will give businesses more opportunities to invest in technology that can prevent or lessen the severity of collisions. Now that telematics data allows carriers to share data across their network, many fleets are incorporating that data into their safety programs.
This data allows fleets to recognize what mistakes drivers are making and coach them individually. However, as trucks become smarter through aftermarket devices and telematics installed during manufacturing, cyberattacks become a greater risk. Additionally, the number of criminals exploiting cybersecurity vulnerabilities in brokerage operations has increased.
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