“The TIPS results are in and transportation insurance pricing has entered a hard market”, said Richard Augustyn, CEO of NIP Group, Inc.
Woodbridge, NJ (PRWEB) May 18, 2012
NIP Group, Inc. released the results of the Transportation Insurance Pricing Survey (TIPS™) for the first quarter of 2012. 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 rates have risen into hard market territory. Participants also believe that fewer non-specialty carriers are chasing Transportation premium. Since 3Q11 and 1Q12 rate increases have intensified and broadened into all major market segments.
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 with the exception of pockets of the public auto segments have had increased rates quarter over quarter. Rate increases have notably intensified in the intermodal operations segment.
No line of business has lost rate to last quarter, and all lines have experienced, and all lines have experienced gains quarter over quarter. Consistent with the last comparison (3Q11 vs. 4Q11) movement does not seem to be confined to any one line of business, but rather exists across lines.
“The TIPS results are in and transportation insurance pricing has entered a hard market”, said Richard Augustyn, CEO of NIP Group, Inc. “Over the past quarter rate increases have intensified and broadened to every major segment of the transportation market. A solid foundation for continued rate increases has been firmly established. The only question left unanswered by the survey is the intensity and duration of future rate increases.”
Detailed results can be downloaded at: http://www.nipgroup.com/corporate/tips-results-q1-2012/
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.