December 13, 2022
Online Shopping Helped Drive Inland Marine Premiums Over the Last Decade
The growing inland marine segment added $15.7 billion in direct written premium from 2011 through 2021, aided by the escalation in online shopping.
Published by Best’s Review
As online shopping becomes more popular, there is more demand for drivers and their services. The last-mile delivery market itself has been projected to grow to $66 billion by 2026, from $39.57 billion in 2020, according to a 2020 Valuates report.
“The value of new trucks hitting the road is significantly more than the trucks they are replacing,” said Jessica Frankovich, Inland Marine Underwriters Association chair and executive vice president, Custom Property & Inland Marine for Seneca Insurance Co., a wholly owned subsidiary of Crum & Forster. “New vehicles are scarce, so many insureds are taking salvage. Given our country’s pattern of consumer spending via online platforms, the last-mile delivery part of the trucking industry is booming, which is also contributing to premium growth.”