Nuclear verdicts & soaring auto liability rates

Recent verdicts handed out by juries for auto liability suits have skyrocketed while the insurance marketplace is running for cover in a hard market. As a result, insurance renewals are seeing Auto premiums increase considerably (25-35 percent for good performers). What can you do in this climate? Focus on compliance management strategies and safety tactics.

Join us for our webinar on November 5 titled: “Auto Liability Strategies when Premiums Soar” and hear from experts in insurance, law enforcement and transportation research.

The evidence is clear – Auto accidents are on the rise and deadly

The most recent data, according to “Fatality Facts 2020 State by State”, says there were 33,654 fatal motor vehicle crashes in the United States in 2018 in which 36,560 deaths occurred. These numbers are consistent year after year.

Traffic Crash Litigation in the United States Result in Nuclear Verdicts

High profile crashes have paved the way for nuclear verdicts. Juries, especially sympathetic to families whose children were killed or injured, have awarded victims huge sums. “The average size of verdict from 2010 to 2018 increased from $2,305,736 to $22,288,000 – an increase of 967 percent,” according to “ATRI”.

Partly as a result of these nuclear verdicts, insurance companies are experiencing significant losses, and auto liability rates are soaring.  Learn more about the insurance industry losses, and what you can do to protect your company’s auto liability exposure at MMA’s webinar “Auto Liability Strategies when Premiums Soar”

Commit to making a difference in your fleet performance by spending time with drivers. Provide driver’s training and make it dynamic. Include videos, ride-alongs, driver observations, and other methods that engage employees. OSHA provides a variety of training resources you can provide your employees.

Conduct periodic ride-along observations and feedback. Nothing shows you care more than getting in for a ride. Ask drivers to verbalize what they’re seeing and doing as they drive to demonstrate their ability to drive defensively. Giving your honest feedback can reinforce your commitment to safety. Use MMA’s Driving Observation Report Form as your guide.

For more information or for help putting together a safe driving training or policy for your organization, contact your local Marsh & McLennan Agency representative.