20 Jun “How Social Inflation and Nuclear Verdicts Are Impacting the Trucking Insurance Market,” Independent Agent Article
According to the 2021 U.S. Transportation Market Outlook Report from Risk Placement Services Inc., a rise in social inflation and nuclear verdicts is inflating the cost of trucking claims and exacerbating driver shortages.
Sean Cox, Atlanta-based partner at Hall Booth Smith, told Independent Agent not only have nuclear verdicts risen over the past decade, but verdicts in general have seen a similar increase.
“And with trucking playing a key role in U.S. logistics, all the factors are there to make trucking liability very lucrative for determined plaintiffs’ attorneys,” he said. “However, those plaintiffs’ attorneys recognize you’ve also got the possibility of very serious accidents with people getting seriously hurt or dying. Additionally, you have some companies that have deep pockets, employing thousands of drivers. These are the makings for nuclear verdicts.”
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