Tech Helps Transportation Firms Fight Nuclear Court Verdicts

The commercial transportation industry in North America is “barely keeping up with the loss trends,” according to a casualty underwriter at Swiss Re. The market is under “significant pressure” following a 5-10-year period where the frequency and severity of losses shot up and insurance rates lagged behind. Part of the problem is the continued prevalence of nuclear verdicts and huge settlements coming out of the plaintiffs’ bar, according to Mike Hudzik, managing director, head of casualty underwriting US and Canada, Swiss Re. The verdicts coming out of the courts often go against the commercial transportation industry and are “beyond anything we’ve seen in the past,” he said.