Canadian Underwriter

Truckers up in arms over rate increases

October 30, 2003   by Canadian Underwriter

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The Canadian Trucking Alliance is speaking out against successive rate increases over the past several years, which it says show no signs of abating.
“We are in our third year of escalating insurance costs and it is hard to see much light at the end of the tunnel,” says David Bradley, CEO of the CTA. The alliance represents about 4,500 truck drivers.
But cost is not the only issue, affordability remains a concern as well. “There are only three or four companies willing to write truck insurance policies these days and carriers continue to experience double or triple digit percentage increases in their premiums.”
The situation is even worse for truckers who cross the border, he adds. “If you have any USA exposure, you can expect to pay a lot more.” He notes that while many truckers have cut back on coverage as a way to reduce rates, this can increase the risk not only for truckers, but also for other drivers.
Insurance rates, coupled with the strong Canadian dollar and its impact on cross-border trucking operations, is causing the trucking industry to have to charge higher rates, Bradley says.
The comments come on the heels of the CTA’s board meeting held last week in St. John’s, Newfoundland.

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