“The TIPS results indicate that rate increases are intensifying and spreading to all major market segments, validating the previous quarter’s declaration that we are currently in a hard market.”, said Richard Augustyn, CEO of NIP Group, Inc.
Woodbridge, NJ (PRWEB) August 23, 2012
NIP Group, Inc. released the results of the Transportation Insurance Pricing Survey (TIPS™) for the second 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 demonstrate that the majority of respondents believe that the Transportation market remains consistent to last quarter, indicating a hard market. Participants also acknowledge that fewer non-specialty carriers are chasing Transportation premium. Over the past several quarters we have seen rate increases intensify and spread across 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
In the second quarter of 2012, for the first time since we initiated the TIPS survey, a rate increase of at least 10% has been reported by a number of participants across all transportation segments.
When looking at the premium changes reported by coverage type, it is evident that the majority of participants believe that rates are up significantly vs. last quarter. However, Motor Truck Cargo and Warehousemen’s Legal have not been affected as much.
“The TIPS results indicate that rate increases are intensifying and spreading to all major market segments, validating the previous quarter’s declaration that we are currently in a hard market.”, said Richard Augustyn, CEO of NIP Group, Inc. “This is a relief for an industry that has been plagued by declining rates and over-capacity over the past several years.”
Detailed results can be downloaded at: http://www.nipgroup.com/corporate/tips-results-q2-2012/
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.