Multiple insurance carriers exited the trucking and towing market entirely between 2020 and 2024 due to unsustainable claims losses, with median jury verdicts reaching $44 million in 2023 — up from $21 million in 2020 — and operational insurance costs rising 12.5 percent year over year, according to Insurance Journal. Nearly 10,000 motor carriers closed in the first half of 2024 alone.
Operator takeaway
Carriers leaving the market means fewer options and higher prices for everyone who stays — if your renewal is approaching, start shopping 90 days early because the market has fewer carriers competing for your business.