All signs now point to a firming Transportation market with the core lines of Auto Liability and Workers Compensation leading the way”, said Richard Augustyn, CEO of NIP Group, Inc.
Woodbridge, NJ (PRWEB) November 18, 2011
NIP Group, Inc. released the results of the Transportation Insurance Pricing Survey (TIPS™) for the third quarter of 2011. The survey was issued to leading transportation insurance brokers, wholesalers and underwriters representing thousands of account placements and is used to benchmark changes in the availability and rates in the transportation insurance market.
Survey results indicate that the majority of respondents feel that the rates are increasing with visible acceleration. Participants also observe that fewer non-specialty carriers are chasing Transportation premium.
Respondents report that transportation accounts are experiencing premium increases, quarter over quarter, across all account sizes. This trend is more pronounced in small and medium sized accounts.
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
There is a universal belief that most segments have experienced increased rates quarter over quarter. From a line of business perspective, participants report that none of the coverage lines included in the survey have experienced rate reductions compared to last quarter. Motor Truck Cargo, Warehousemen’s Legal and Owner/Operator lines are reported flat to last quarter.
“All signs now point to a firming Transportation market with the core lines of Auto Liability and Workers Compensation leading the way”, said Richard Augustyn, CEO of NIP Group, Inc. “The survey confirms what most transportation market participants already know non-specialty insurers are starting to step back from underwriting the class of business and specialists are seeking higher rates across the board.”
Detailed results can be downloaded at: http://www.nipgroup.com/corporate/tips-results-q3-2011
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.