The commercial and personal auto insurance marketplace has a lot of challenges tailgating its insureds and brokers. A key factor impacting the commercial side of the industry that’s only going to get worse in the future is a driver shortage, which one expert called “the single largest historical risk.”
“The American Trucking Associations (ATA) suggested that by 2022, there’s going to be a driver shortage of over 100,000 drivers, so from a historical perspective, that is key,” said John Woods (pictured above), vice president and national practice group leader of transportation at Burns & Wilcox. The report from ATA that detailed this problem highlighted that an aging driver population, increases in freight volumes, and competition from other blue collar careers have all contributed to exacerbating the shortage.
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