WOODBRIDGE, N.J.--(BUSINESS WIRE)--
NIP Group, Inc. published the results of the Transportation Insurance
Pricing Survey (TIPS™) for the fourth quarter of 2009. Used to benchmark
changes in availability and rates in the transportation insurance
market, the survey was issued to leading transportation insurance
brokers, wholesalers and underwriters representing thousands of account
placements.
The majority of survey participants have responded that they believe the
market is softening and that rate decreases have intensified especially
in Auto Liability since the prior quarter. Respondents also suggested
that there appears to be more insurance carriers chasing premium in the
transportation insurance market.
Participants report that rate decreases have picked up across most
policy types; Workers Comp being the one clear exception. Rates in Auto
Liability have been hit especially hard, as 30% more respondents
believed that there were significant rate decreases in 4Q09 vs. 3Q09,
and the number of reported rate increases also fell sharply.
The survey also measures premium changes across ten different
transportation segments including:
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¦ Trucking Operations
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¦ Intermodal Carriers
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¦ Messenger/Courier Services
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¦ Ambulance/Paratransit
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¦ School Bus Contractors
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¦ Bulk Transportation
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¦ Airport Ground Transportation
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¦ Charter/Tour Bus Operators
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¦ Specialized Carriers & Riggers
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¦ Limousine Services
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The survey results indicate that rate decreases have picked up in most
segments; Charter/Tour, School Bus and Limo being the exceptions. The
rate decreases are especially pronounced in the Bulk Transport segment.
“Since the last quarter rates continue to fall and are intensifying in
Auto Liability the lead line of business in the Transportation market
based on the latest TIPS™ results,” said Richard Augustyn, CEO of NIP
Group, Inc. “With the exception of the Public Auto segment fierce
competition for premium volume is driving rates lower. We will continue
to monitor TIPS™ results to see how much lower rates will fall given
that the momentum behind this trend appears very strong.”
Detailed results can be downloaded
online at: http://www.nipgroup.com/SurveyResults.aspx
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.
NIP Group, Inc.
Debra Mirabella, 1-800-446-7647 ext. 211
dmirabella@nipgroup.com
Source: NIP Group, Inc.
