NIP Group released the results of the Transportation Insurance Pricing Survey for the first quarter of 2011, saying insurance rates appear to be stabilizing.
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.
The general consensus of survey respondents is that while the market remains soft, it has reached stability, where it is not getting worse. Analysis of the results for the past few quarters shows that respondents believed that the rate at which non-specialty insurance carriers are entering the transportation space is slowing down. Survey participants believed that premiums on all accounts, regardless of size, are mostly flat with some segments posting rate increases.
The survey also measures premium changes across ten different transportation segments including: trucking operations, intermodal carriers, messenger/courier services, ambulance/paratransit, bulk transportation and more.
Respondents report that there are differences in the way rates are reacting across the transportation market depending on the segment. A trend toward a flat market is indicated in a number of segments including messenger/courier, school bus and ambulance/paratransit. However, a number of segments are showing a trend toward a hardening market including bulk transportation and charter/tour buses.
From a line of business perspective, survey participants report that premiums for auto liability and owner operator programs are indicating a flat or hardening market.
"Based on the past quarter's TIPS results, it seems that survey participants are optimistic that rates have stabilized and are starting to slowly move higher," said Richard Augustyn, CEO of NIP Group.
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.
The general consensus of survey respondents is that while the market remains soft, it has reached stability, where it is not getting worse. Analysis of the results for the past few quarters shows that respondents believed that the rate at which non-specialty insurance carriers are entering the transportation space is slowing down. Survey participants believed that premiums on all accounts, regardless of size, are mostly flat with some segments posting rate increases.
The survey also measures premium changes across ten different transportation segments including: trucking operations, intermodal carriers, messenger/courier services, ambulance/paratransit, bulk transportation and more.
Respondents report that there are differences in the way rates are reacting across the transportation market depending on the segment. A trend toward a flat market is indicated in a number of segments including messenger/courier, school bus and ambulance/paratransit. However, a number of segments are showing a trend toward a hardening market including bulk transportation and charter/tour buses.
From a line of business perspective, survey participants report that premiums for auto liability and owner operator programs are indicating a flat or hardening market.
"Based on the past quarter's TIPS results, it seems that survey participants are optimistic that rates have stabilized and are starting to slowly move higher," said Richard Augustyn, CEO of NIP Group.
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