“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) March 08, 2012
NIP Group, Inc. released the results of the Transportation Insurance Pricing Survey (TIPS™) for the fourth 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 Transportation market is beginning to firm. Participants also believe that fewer non-specialty carriers are chasing Transportation premium.
Respondents report that small accounts were beginning to see some rate lift. This trend is now beginning to be seen in medium and large 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 all segments except heavy equipment & riggers and messenger/courier have had increased rates quarter over quarter. Participants believe that airport ground is relatively flat since the last quarter. From a line of business perspective, no line of business has lost rate to last quarter, and all lines have experienced gains quarter over quarter. Movement not confined to any one line of business as with the previous quarterly comparison (2Q11 vs. 3Q11). 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-q4-2011/
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.