A look at the U.S. transportation business in 2022 is a reminder of the interconnected nature of the various sectors within the country's economy. This is one key takeaway from the "2022 U.S. Transportation Market Outlook" recently released by Risk Placement Services (RPS). The study highlights how the transportation industry rebounded from pandemic shutdowns but, like so many other industries, is now struggling to manage costs and labor shortages in the wake of an increasingly tough financial environment. "The U.S. recorded a 0.9% decline in output during the second quarter of 2022 versus first quarter 2022, which followed a 1.6% contraction over the first three months of the year versus fourth quarter 2021," RPS analysts note in the report. However, opportunities for insurance organizations that serve transportation clients remain robust. "Trucking and transportation have always been the lifeblood of America's economy and we still foresee growth and opportunity continuing into 2023," RPS Vice President and National Transportation Practice Leader Mark Gallagher says in the report. "Those insurance providers that are positioned best through market access and speed of product delivery will find growth opportunities in any market cycle in meeting the needs of a wide array of transportation clients." The slideshow above illustrates five other takeaways for insurance professionals from the recent RPS report "2022 U.S. Transportation Market Outlook." See also: |

• Top commercial truck insurers & quote sites of 2022
• How transportation clients can train drivers with telematics
• How mobility data is driving the future of transportation