This research into major losses in 2005 follows an inaugural paper completed on major losses recorded 1998 / 2002 and a subsequent study in 2003. During the 2005 year 404 major incidents (being equipment and property loss greater than $50,000) were reported at a cost of A$47.4M. There was a 34.6% increase in the number of major incidents than those researched in the 2003 period. Insofar as portfolio growth, from 2003, NTI insured 81,589 items which increased to 91,674 by end 2005. Representing a growth of 12.3% in numbers and thus an increase of 21.3% in real terms, of major crashes. Accident frequency rates (all claims reported) remained constant at 6.6% while the average cost of claim increased by 3.9% to A$15,252. Losses in relation to freight cargo, worker’s compensation / personal injury are not included. This research does focus on heavy vehicle accidents in the Hire & Reward freight sector with vehicles having a payload exceeding 5 tonnes. (Author/publisher)
Abstract