According to the first quarter Transportation Insurance Pricing Survey released by NIP Group, most in the trucking industry are seeing insurance rates continue to drop, with 51.52 percent saying the market is soft.
Ninety-five of the respondents said the transportation insurance market was either flat or softer than the fourth quarter 2009.
More than half believe that underwriting capacity has increased, with more insurers active in the transportation market.
"NIP Group has been watching TIPS results closely and looking for signs that the market is turning around," said Richard Augustyn, CEO of NIP Group. "Instead we observe rates continuing to fall with increasing intensity almost across the board. It appears we are experiencing another leg down in rates."
Among large accounts, over $250,000, all respondents reported that premiums had either gone down or stayed the same in the first quarter. In this group, 37.78 percent said rates were down 1 to 10 percent, while 26.67 percent said premiums were down 10 to 20 percent. Within medium accounts, 32.69 percent said premiums were down 10 to 20 percent.
In the trucking segment, 43.86 percent reported premiums down 1 to 10 percent, while 26.32 percent indicated rates had fallen 10 to 20 percent.
Premiums also seemed to have dropped for owner-operator programs, with 26.32 percent reporting a drop of 1 to 10 percent. Meanwhile, 31.58 percent said premiums did not change within owner-operator programs.
When asked about motor truck cargo and warehousemen's legal coverage, 39.62 percent of respondents felt premiums had gone down 1 to 10 percent, while 22.64 percent believe premiums fell 10 to 20 percent.
Ninety-five of the respondents said the transportation insurance market was either flat or softer than the fourth quarter 2009.
More than half believe that underwriting capacity has increased, with more insurers active in the transportation market.
"NIP Group has been watching TIPS results closely and looking for signs that the market is turning around," said Richard Augustyn, CEO of NIP Group. "Instead we observe rates continuing to fall with increasing intensity almost across the board. It appears we are experiencing another leg down in rates."
Among large accounts, over $250,000, all respondents reported that premiums had either gone down or stayed the same in the first quarter. In this group, 37.78 percent said rates were down 1 to 10 percent, while 26.67 percent said premiums were down 10 to 20 percent. Within medium accounts, 32.69 percent said premiums were down 10 to 20 percent.
In the trucking segment, 43.86 percent reported premiums down 1 to 10 percent, while 26.32 percent indicated rates had fallen 10 to 20 percent.
Premiums also seemed to have dropped for owner-operator programs, with 26.32 percent reporting a drop of 1 to 10 percent. Meanwhile, 31.58 percent said premiums did not change within owner-operator programs.
When asked about motor truck cargo and warehousemen's legal coverage, 39.62 percent of respondents felt premiums had gone down 1 to 10 percent, while 22.64 percent believe premiums fell 10 to 20 percent.
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