Electric vehicles (EVs) are one way commercial auto operators can reduce operational costs. But EV adoption also introduces new exposures, including cyber vulnerabilities, battery fire hazards and higher repair costs.
As commercial auto insurance challenges persist, the industry is increasingly leveraging telematics and supporting proposals to address third-party litigation funding.
While factors like increased repair expenses, more frequent claims and stricter regulatory requirements are responsible for over a decade of premium increases, insurance remains a large cost of doing business.
Trucking companies faced $165 million in nuclear verdicts in 2023, with an increasing trend of thermonuclear verdicts. Mounting costs from these large verdicts present significant challenges for the commercial auto insurance market.
As the journey toward autonomous trucks begins to unfold in earnest, technology is playing a significant role in improving industry safety.
