A Primer on Trucking Captives
June 25, 2018
Principal and Consulting Actuary Rob Walling of Pinnacle Actuarial Resources, Inc., says that trucking insurance captives are an example of a specialized industry that requires specialized care. There are a number of industries and coverages in the captive insurance space, such as trucking, in which an actuary cannot simply dabble. The claims handling is different, and the methods and assumptions that the actuary makes must accurately reflect the realities of the trucking company. In the past few years, there has been a profound and unanticipated spike in claims frequencies and claims severities in the trucking industry. The industry data suggests that that there were more cars on the road around the trucks. There is also a rise in distracted driving, not from the truck drivers but from all of the cars around them. Much time and effort has been spent helping trucking captives quantify the frequency and severity trends.
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June 25, 2018