TIPS™ Results for Q4 2009 Released, Rate Decreases Intensify
Transportation Insurance Pricing Survey (TIPS™) Results Released, Rate Decreases Intensify as Stubborn Soft Market Persists
February 26th, 2010 (Woodbridge, NJ) — NIP Group, Inc. published the results of the Transportation Insurance Pricing Survey (TIPSTM) 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:
■ 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
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.”
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.
CONTACT:
Debra Mirabella
PHONE: 1-800-446-7647 ext. 211
EMAIL: dmirabella@nipgroup.com
Related posts:
- Transportation Insurance Pricing Survey (TIPS™) Results Released, Market Remains Soft, Rate Decreases Continue
- Results for 4th Quarter TIPS™ Survey Released Today
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- TIPS™ Results for Q3 Published, Rates Falling Again
- TIPS™ Results for Q4 2010 Released…Rates Soft But Showing Signs of Possibly Bottoming Out
