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Australian major accident investigation report on 2009 NTI data: Heavy vehicle losses > $50,000.
Fundamentally, truck crash research is a prerequisite for achieving sustainable improvements in road safety, with benefits not only for customers but for all transport operators who share the road. This report continues a unique series of longitudinal studies involving the tracking of Australian heavy vehicle crashes where National Transport Insurance (NTI) is the insurer, since 1998. These studies are undertaken every two years by the National Centre of Truck Accident Research.
NTI provides insurance, risk appraisal, claims and accident management services to the road transport and earthmoving industry. It currently insures more than 131,000 items of plant and equipment having an insured asset value of $9.4 billion. Since 2002, NTI has settled 41,000 notified losses (per item) with claims payments exceeding $570 million (AUD).
The research into major losses in 2009 follows quantitative studies completed on major truck crash incidents reported during 2003, 2005 and 2007. Since the initial study conducted in 2003, NTI-insured equipment numbers has grown by 48% whilst major crashes over (>) $50,000 have increased marginally by 7%. There was a 1% decrease in the number of major incidents reported, when compared to those investigated for the prior period, the average financial loss per incident increased by 6.2% to $136,472. For the duration of the 2009 period, 323 major incidents were reported at a total cost of $44 million.