TIPS™ Results for Q3 Published, Rates Falling Again
November 30th, 2009 (Woodbridge, NJ) — NIP Group, Inc. released the results of the Transportation Insurance Pricing Survey (TIPS™) for the third quarter of 2009. Used to benchmark changes in the 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The majority of survey participants have indicated that the signs of rates leveling off at this time last quarter have been replaced by intensifying competition and nearly across the board rate decreases. Although the respondents have seen fewer new entrants into the transportation marketplace than last quarter, the overall view on the direction of rates is grim. This is evidenced by the fact that the number of respondents reporting rate decreases has gone up since last quarter, across all account sizes. Similarly, the number of rate increases being reported has abated.
The survey also measures premium changes across ten different transportation segments, including:
- Trucking Operations
- Messenger/Courier Services
- School Bus Contractors
- Airport Ground Transportation
- Specialized Carriers & Riggers
- Intermodal Carriers
- Ambulance/Paratransit
- Bulk Transportation
- Charter/Tour Bus Operators
- Limousine Services
Nearly all segments have experienced rate decreases over the past quarter with Bulk Transportation as the only exception.
“TIPS™ results indicate that the market has reversed direction and is softer now compared to last quarter. Nearly all signs of rates leveling off have been replaced by signs of intensifying competition.” said Richard Augustyn, CEO of NIP Group, Inc. “This change in direction is not what we were expecting based on last quarter’s results. We will continue to monitor TIPS results to see how this plays out during the key January renewal period.”
Get the results here.
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.
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