Insurance costs on the march says NTI

Leading truck insurer points to 20 percent rise in costs despite downward accident trend

Insurance costs on the march says NTI
Insurance costs on the march says NTI
March 18, 2013

National Transport Insurance (NTI) has tempered the good news from its Major Accident Investigation Report released recently.

Despite the welcome reduction in such NTI-insured truck crashes, which comes against a backdrop of continued industry growth, NTI has underlined their increased cost.

Released last week at the International Road Safety Convention in Sydney, the bi-yearly report notes that the cost of serious accidents reported to NTI has risen from $44 million in the 2011 report to $54.7 million inthe latest version.

So the positives are not seen as resulting in reduced premiums.

"The continuing increase in the severity of claims means that insurers are experiencing a growing total claims cost, rising reinsurance costs and poor financial market returns," NTI CEO Tony Clark says.

"Several states have also experienced natural disasters, such as flooding, since the data in this 2013 report was compiled and analysed.

"It is fantastic to see a decrease in the number of serious truck accidents, however there are a range of factors included when determining a premium."

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