From a seller's perspective, the transportation insurance market is "not getting worse," according to a just-published survey, which even reveals more rate hikes than declines for certain select segments like charter buses and courier services.
The first-quarter 2011 survey from NIP Group, a Woodbridge, N.J.-based wholesale broker and program manager, known as TIPS—an acronym for Transportation Insurance Pricing Survey—tallies the responses to questions about market conditions from leading transportation insurance brokers, wholesalers and underwriters representing thousands of account placements, NIP says.
Asked to give their opinions of the overall direction of the transportation insurance market, one-quarter of respondents said it is "hardening" or "hard," with another 37.5 percent describing the market as "flat." That means some 62.5 percent of sellers believe the transportation market is no longer soft. In contrast, during first-quarter 2010, 95 percent of sellers surveyed said the market was flat or soft.
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