Intel

When a fish tanker truck carrying more than 102,000 live salmon overturned on a sharp corner in northeast Oregon recently, a majority of the smolts — about 77,000 — made it into the adjacent Lookingglass Creek, according to reports. The truck had been transporting the fish from a hatchery for release in the Imnaha River, but rolled onto its side…

Following several years of double-digit rate increases and restrictive adjustments to Terms and Conditions (T&C), the Property Insurance sector has reached a point of relative stability. Rates are largely modest as insurers secure the required premium, now applying rates against a proper exposure basis—Insurance to Value (ITV). With few exceptions of traditional CAT-prone perils in specific geographies, most carriers are…

Jobs in truck transportation may be showing signs of a slow comeback, according to new data from the Bureau of Labor Statistics. The latest numbers, released Jan. 5, indicate that seasonally adjusted truck transportation jobs grew by 3,300 in December to a total of 1,586,300 jobs, FreightWaves recently reported. It is the second consecutive month of growth for trucking jobs.…

The title of this quarter’s overview and forecast could easily be: “Profitability Matters.” That is especially true in the Property space for both Personal and Commercial policies. The industry faces daily challenges from CAT storms and events, making every state subject to immediate loss from hurricanes, wildfires, and convective storms—defined as severe local storms associated with wind, thunder, lightning, heavy…

The Transportation Insurance sector has been in a hard market for roughly a decade in the United States. It has since turned softer as a result of increased competition for business. Throughout the first six months of 2023, carriers have been more willing to write an account and offer quotes for specific risks. This has led to: Interest from carriers…

We have seen few changes in the Property & Casualty (P&C) marketplace from Q1 through Q2 of 2023, however, the broader picture is becoming clearer now that 2022 year-end financial filings are available. According to ALIRT Insurance Research, the discrepancy between Personal and Commercial Lines Composite underwriting is historically wide. Namely, the Personal Lines Composite combined ratio of 109 percent…

Transportation companies face a multitude of risks, from driver shortages to high-severity claims. To learn more about how Transportation Insurance can help companies address these risks, Crain’s Content Studio spoke with Tyler Myers, Director, Transportation, Burns & Wilcox, Dallas/Ft. Worth, Texas. What are some of the greatest risks the transportation industry faces today? T.M.: Some of the greatest risks in…

The fourth quarter began very different than how the majority of the summer months had transpired from a Natural CAT perspective; as Hurricane Ian used the final few days of Q3 to take aim at Florida’s densely populated gulf coast. Despite mandatory evacuations, fairly accurate forecasting of its path and the usual several days to prepare, its damages were devastating.…

Two separate trucking accidents caused major spills of tomatoes and Alfredo sauce onto highways on different sides of the U.S. within hours of each other in late August, Today reported. The first incident took place Aug. 29 in Vacaville, California, when a big-rig truck went through the center divider and crashed, injuring three individuals and spilling more than 150,000 tomatoes…

About 15,000 pounds of hot dog filler spilled onto the highway near Pittsburgh, Pennsylvania, May 20 when the driver of a semitractor-trailer lost control of the vehicle and crashed onto the shoulder. The tractor-trailer hit several trees and overturned, leaving the driver and a passenger with minor injuries and a portion of Interstate 70 covered in the pink slime. According…

The supply chain crisis is overwhelming companies on a global scale, causing industry giants like Amazon to turn to high-risk delivery methods like chartered ships and long-haul planes. And while that gives companies more control over the path of their own deliveries, it also opens them up to new forms of liability in the already volatile transportation industry. A recent…

Officials are continuing to investigate an Aug. 14 tour bus accident that sent dozens of passengers to the hospital. The bus was headed from Poughkeepsie to Niagara Falls and was carrying 57 adults and children when it ran off the highway and rolled over near Weedsport, New York, landing on its side. A total of 24 ambulances responded to the…