WOODBRIDGE, N.J. — More than 95 percent of respondents reported that the transportation insurance market was flat or softer during the first quarter compared to Q4 2009, according to the latest Transportation Insurance Pricing Survey. More than half believe that underwriting capacity has increased with more insurers active in the transportation market.
Used to benchmark changes in the availability and rates in the transportation insurance market, the NIP Group Inc. survey was issued to leading transportation insurance brokers, wholesalers and underwriters representing thousands of account placements.
Survey participants report that rate pressures continued to intensify for the medium and large account sizes in almost all market segments and lines of business.
“NIP Group has been watching TIPS results closely and looking for signs that the market is turning around,” said Richard Augustyn, CEO of NIP Group, Inc. “Instead we observe rates continuing to fall with increasing intensity almost across the board. It appears we are experiencing another leg down in rates.”
The survey measures premium changes across ten different transportation segments including trucking operations, intermodal carriers, bulk transportation, and specialized carriers and riggers, along with messenger/courier services, ambulance/paratransit, school bus contractors, airport ground transportation, charter/tour bus operators and limousine services.
Many participants report that premiums are down even further across most segments when compared to last quarter, especially specialized carriers, charter/tour bus and ambulance. Respondents note that premiums for the limousine and airport ground transportation segments are holding the line or are better than last quarter.
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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