This report is a longitudinal study involving the tracking of a cohort of Australian heavy vehicle drivers involved in accidents, since 1998. This study continues a series of quantitative evaluations undertaken biannually by NTI’s National Centre of Truck Accident Research. This research focuses on primary data specifically reviewing major heavy truck crashes managed by the National Claims Centre. Such incidents have an aggregate cost greater than (>) $50,000. This research into major losses in 2007 follows quantitative studies completed on major truck crash incidents reported during 2003 and 2005. Throughout the 2007 period, 325 major incidents were reported at a cost of AUD$41.6m. Whilst there was a 19.56% decrease in the number of major incidents reported, when comparing to those investigated in 2005, the average financial loss per incident increased by 9.2% to AUD$128,485. Losses in relation to freight cargo and worker’s compensation / personal injury are not included. In terms of portfolio growth, during 2005, NTI insured 104,412 items which increased to 114,057 by the end of 2007. Representing a growth of 9.2% in numbers, the accident frequency rate, across all claims (major and minor), deteriorated marginally to 6.45%. The average cost of claim decreased by 9.7% to AUD$14,222. This research will focus on heavy vehicle accidents in the hire and reward freight sector with vehicles having a payload exceeding five tonnes. National Transport Insurance (NTI) is Australia’s principal truck insurance underwriter. NTI provides insurance, risk supervision, claims and accident management services to the road transport industry. NTI currently insures more than 106,155 items of plant and equipment having an insured asset value of AUD$7.8B. Since 2002 NTI has settled 33,000 notified losses with claims payments exceeding AUD$468.5M. (Author/publisher)
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