“The analysis of the fourth quarter TIPS™ results indicates that the market has not changed much over the year, it remains soft but seems to be stabilizing when compared to last quarter”, said Richard Augustyn, CEO of NIP Group, Inc.
Woodbridge, NJ (Vocus/PRWEB) February 24, 2011
NIP Group, Inc. published the results of the Transportation Insurance Pricing Survey (TIPS™) for the fourth quarter of 2010. 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.
For most of 2010, survey responses have indicated that the transportation insurance market is soft, however there seems to be a consensus that it is more stable. Analysis of the results for the past few quarters shows that respondents believe that the rate at which insurance carriers are entering the transportation space is waning.
Survey participants believe that premiums on small and medium accounts are flattening out, but participants do not see the same trend with large 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
Survey participants report that premium decreases are slowing when compared to last quarter except for the School Bus and Ambulance segments which continue to see rates go down. However others are reporting that rates remain stable or are increasing as with the Trucking, Intermodal and Messenger/Courier segment.
From a line of business perspective, a large number of respondents have reported that rates for the Worker’s Compensation are stable and even increasing in some cases.
“The analysis of the fourth quarter TIPS™ results indicates that the market has not changed much over the year, it remains soft but seems to be stabilizing when compared to last quarter”, said Richard Augustyn, CEO of NIP Group, Inc. “It appears that survey participants are becoming more optimistic about the state of the market; they agree that the market is soft but starting to show signs of possibly bottoming out.”
Detailed results can be downloaded at: http://www.nipgroup.com/corporate/tips-results-q4-2010/
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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