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If a jury rendered an $18 million verdict, should we call that a In case there was any doubt about ATRI’s motives, a look at its board of directors is conclusive. Post was not sent - check your email addresses! The Consumer Federation of America Center for Justice & Democracy Report, dated March of 2020, entitled, “Instead, insurance rates are driven by multi-year considerations of the insurance company’s losses, reserves, surplus, investments, loss ratio, the recurring insurance cycle of hard markets and soft markets, and insurance regulation—which varies significantly from one state to another. ATRI’s report, which found that the number of cases with verdicts over $1 million increased 335% between 2012 and 2019, acknowledged that nuclear verdicts are both uncommon and do not directly cause motor carriers to go out of business.
Sometimes the dockets disclose that the litigation was settled. Sorry, your blog cannot share posts by email.
Two men with little to no knowledge of trucking decided to start a truck company as an “investment.” They signed a form to get a motor carrier license. ATRI’s annual Operational Costs of Trucking is now in its 11th year of collecting cost information derived directly from fleet operations and is among its most requested research reports.
Only the actual amounts paid have the potential to impact the financial statements of the trucking company or the insurance company. At most, it probably would not even affect the price of one banana by one cent. The way the public responds is with these large verdicts. The ATRI fails to offer anything other than anecdotal evidence of bankruptcies. According to the Center for Justice & Democracy Report, “this is an industry that has stored away so much excess profit that it now sits on more surplus than at any time in history – a record level of well over $800 billion.”Over the last 20 years, adjusted losses (i.e., after making reasonable adjustmentsThe Center for Justice & Democracy also explains that with respect to commercial auto insurance, “High premiums charged between 2003 and 2005 were not nearly matched by paid claims or even incurred claims. But, cases do not just end for no reason whatsoever. The most recent example is the report issued today by the American Transportation Research Institute (ATRI) entitled, Understanding the Impact of Nuclear Verdicts on the Trucking Industry. Of these, most were not significant brand-name truck companies. Absent disclosure, the data cannot be relied upon.
Today, data show that while there is upward loss movement likely due to distracted driving and more drivers on the road, the industry is once again over-correcting through excessive reserving and unnecessary rate increases.”So, while ATRI complains about insurance rate increases, ATRI’s conclusion that the rate increases are the direct (or even proximate result) of nuclear verdicts and other truck crash claims is unsupported by the facts and represents an incorrect and incomplete understanding of how commercial insurance works.While ATRI attempts to analyze the cause of high truck crash verdicts, it really does not want to address its constituents’ wrongdoing. ATRI is the trucking industry’s 501c3 not-for-profit research organization. Frequently the truck driver should not have been on the road due to lack of experience, lack of training, fatigue, or drugs. It certainly has access to the data. This would not ever happen with an airline or nuclear power plant.ATRI does not disclose any of its raw data. There can be no serious disagreement with verdicts that are $10 million or more in these cases.
The injured person doesn’t receive the level of care necessary; the taxpayers are forced to pay; and the at-fault party avoids accountability.As just one example, one of our clients was 25 years old when he was rendered quadriplegic as a result of a tractor trailer crossing the center line of an interstate highway. ATRI could have conducted a basic search of the government’s pacer.gov website for any bankruptcy filings of the trucking companies involved in their ostensible list of 451 cases; it would have determined the number of trucking companies filing for bankruptcy and, of those, which filed for Chapter 7 (liquidation) and which filed for Chapter 11 (reorganization).
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atri trucking report