May was a month of notable developments as well as concerns as Summer months approach. The M&A sector is challenged by a gap between seller expectations and buyer valuations, expected to persist until market conditions improve, while carriers confront rising costs, particularly in insurance and driver pay, prompting rate increases. Additionally, the trucking industry saw a notable surge in cargo thefts in Q1 2024, driven by sophisticated fraud tactics, posing challenges for both industry stakeholders and insurers, particularly in states like California, Illinois, and Texas.
In Phoenix, carrier policies, procedures, and routines are increasingly becoming factors in determining nuclear verdicts following accidents, as stated by Doug Marcello, an attorney with Saxton and Stump. With nuclear verdicts rising and third parties financing lawsuits, carriers must prioritize proactive measures to mitigate liability risks and safeguard their operations. As May came to a close, the industry showed resilience in the face of ongoing challenges, emphasizing a commitment to progress and flexibility.