Transportation Insurance Rates Drop Slightly in 2Q

August 25, 2009

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Transportation insurance premiums have started to drop slowly in the second quarter of 2009, as rates were down 1 to 10 percent for many in the trucking, intermodal trucking, bulk transportation, and messenger and courier services segments
. This data comes from the recent Transportation Insurance Pricing Survey conducted by NIP Group.

According to the survey, 46.15 percent of those in the trucking segment felt that premiums were decreasing by 1 to 10 percent. Meanwhile, 38.89 percent of intermodal trucking was in this same category, while 66.67 percent of those in the bulk transportation services landed in this range. Within the messenger and courier services segment, 46.15 percent said rates were slipping by 1 to 10 percent.

Within the owner-operator programs, respondents said premiums were generally staying the same, with 37.5 percent saying that. About 20.83 percent of respondents in this segment felt that premiums were down by 1 to 10 percent, while the same amount found rates to be up 1 to 10 percent.

According to NIP's data, insurance rates in the transportation industry appear to be leveling out in general. When asked about their overall opinion of the transportation insurance market, 40 percent of respondents had a flat opinion, while 37.14 percent had a soft view.

"TIPS results show signs of a transportation insurance market where rates are beginning to level out," said Richard Augustyn, CEO of NIP Group. "The market appears to be in a transitional phase being led by established transportation underwriters trying to selectively drive up rates on key lines of business. It will be interesting to see in future TIPS results if this is an ongoing trend."

NIP Group is a specialty business insurance broker and an insurance management service provider.

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