Transportation Insurance Pricing Survey (TIPS™) Results Released, Second Quarter of 2009 Show Market Remains Soft With Signs of Leveling Out
WOODBRIDGE, N.J.-(Business Wire)-August 25, 2009 - NIP Group, Inc. published the results of the Transportation Insurance Pricing Survey (TIPS™) for the second quarter of 2009. Used to benchmark changes in the availability and rates in the transportation insurance market, the survey was issued to leading transportation insurance brokers, wholesalers and underwriters representing thousands of account placements.
Current TIPS™ results indicate that rate decreases are moderating and are down on average between 1-10%. In addition, more participants have reported modest rate increases across many segments, account sizes and lines of coverage during the second quarter of 2009. New entrants are also gaining market share as established transportation underwriters are holding the line on rates and are less likely to lower rates appreciably below expiring levels.
The majority of respondents believe rates in the transportation insurance market are beginning to level out as observed by the slight firming of Auto Liability and Motor Truck Cargo rates. Rate increases have also begun to emerge in some market segments especially Ambulance/Paratransit, Airport Ground Transporters and Specialized Carriers.
The survey also measures premium changes across ten different transportation segments including:
■ Trucking Operations ■ Intermodal Carriers ■ Messenger/Courier Services ■ Ambulance/Paratransit ■ School Bus Contractors ■ Bulk Transportation ■ Airport Ground Transportation ■ Charter/Tour Bus Operators ■ Specialized Carriers & Riggers ■ Limousine Services
“TIPS™ results show signs of a transportation insurance market where rates are beginning to level out,” said Richard Augustyn, CEO of NIP Group, Inc. “The market appears to be in a transitional phase being led by established transportation underwriters trying to selectively drive up rates on key lines of business. It will be interesting to see in future TIPS results if this is an ongoing trend. We feel that TIPS™ also serves as a leading indicator of the trend in general commercial insurance rates.”
Detailed results can be downloaded online at: http://www.nipgroup.com/SurveyResults.aspx
About NIP Group, Inc.
NIP Group, Inc. is a specialized business insurance and risk management intermediary, ranked among the largest 100 in the United States and providing a wide range of brokerage, underwriting and risk management services to select market segments.
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