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Recent years have been difficult for the commercial automobile insurance industry. Both frequency and severity have been increasing while rate increases have not been sufficient to keep up. Some large carriers have pulled out of certain segments of the market as well. This has affected long-haul trucking and passenger transport in particular. On April 20, 2017, Rob Walling and I co-presented a webinar, “Captives & Transportation: When the Going Gets Tough, the Tough Use Captives.” We explored the recent trends seen in the industry as well as the contributors to these trends.
For companies which are interested in taking an active role in the risk management of their operations, there are a number of opportunities in the alternative market. We presented several case studies that represent ideas based on companies we have seen utilize the alternative market to better manage their programs. These include:
The alternative market is not a “one-size-fits-all” opportunity within the transportation industry. It has the flexibility to adapt to the particulars of an individual company. For organizations that are committed to risk management and loss control, there are a number of opportunities to better manage commercial market volatility similar to what we have seen in recent years.
Legaré Gresham, FCAS, MAAA, is a Consulting Actuary with Pinnacle Actuarial Resources, Inc. and has over ten years of experience in the property/casualty industry. She has worked extensively with traditional insurers, captive insurers and self-insureds, including public entities. Her expertise includes loss reserving, pricing and product management, Proforma financial modeling and regulatory support. Legaré is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries.
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Pinnacle is an actuarial firm focused on property/casualty insurance, including alternative markets, captives, self insureds, enterprise risk management, predictive analytics, commercial lines and more. We serve trucking, insurance, health care, medical professional liability, reinsurance, workers compensation, public entities and other companies and concerns.
Our services include expert witness, loss reserving, litigation support, pricing, ratemaking, rate filing, statements of actuarial opinion, feasibility studies, capital modeling and other actuarial services and products.
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