As driving behavior gets riskier1 and younger drivers take more responsibility,2 "nuclear verdicts" have raised commercial auto insurance losses by $30 billion over a decade.3 Meanwhile, the U.S. truck driver shortage, now 78,000, could double by 2031, and 1.2 million replacement hires may be needed over this period.4 How do you compete for qualified drivers?
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1. Early Estimate of Motor Vehicle Fatalities for the First Quarter of 2023, U.S. Department of Transportation and National Highway Safety Administration, June 2023; traffic fatalities reached a 20-year high in early 2022, and although the rate per 100 million vehicle miles traveled has declined, it remains almost 20 percent higher than the pre-pandemic 2019 baseline.
2. Controversial Plan to Allow Teen Drivers Set to Begin, The Trucker, January 24, 2022
3. Social Inflation Contributed to $30B Increase in Commercial Auto Costs, Paper Finds, Insurance Information Institute, March 6, 2023.
4. Driver Shortage Update 2022, American Trucking Association, October 25, 2022.