TIPS™ Results for Q2 2011 Released…Stabilization of the Market Continues
Transportation Insurance Pricing Survey (TIPS™) Results Released,
Stabilization of the Market Continues
August 24th, 2011 (Woodbridge, NJ) — NIP Group, Inc. published the results of the Transportation Insurance Pricing Survey (TIPS™) for the second quarter of 2011. 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.
Similar to last quarter’s results the general consensus of survey respondents is that the market has stabilized and has reached a point of equilibrium rate increases and decreases, where they exist, occur with similar frequency.. Respondents continue to observe that the rate at which non-specialty insurance carriers are entering the transportation market is decreasing at the same frequency as last quarter.
Survey participants report that rates for small and larger accounts have not changed much in the past three months. However mid-sized accounts are showing shrinking premiums compared to last quarter.
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
When looking at the results by segment, results indicate that the market is indeed in a state of transition. Some respondents believe that the market is hardening, and some people believe that it is softening, but the belief is uniform across segments.
From a line of business perspective, results are in line with those by segment, in that the number of people who believe the rates are increasing is offset by the number of people who think they are decreasing. The only notable exception is with the Umbrella line which is considered to be hardening.
“Overall TIPS results for the past two quarters indicate that survey respondents continue to believe the market is improving from where it was a couple of years ago but we seem to be in a transitional period where not much has changed since last quarter, saidRichard Augustyn, CEO of NIP Group, Inc. “After three years of conducting the TIPS survey, it has been interesting to watch the evolution of the market. We will have to wait and see if this positive trend continues.”
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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.
PHONE: 1-800-446-7647 ext. 211