Premiums for commercial transportation insurance business continued falling for almost all types of accounts in the second quarter of 2010, but the number of insurers writing transportation business rose, according to a recent survey of market participants.
The second-quarter survey known as TIPS–an acronym for Transportation Insurance Pricing Survey–from NIP Group, a Woodbridge, N.J.-based wholesale broker and program manager, tallies the responses to questions about market conditions from leading transportation insurance brokers, wholesalers and underwriters representing thousands of account placements, NIP says.
In the second quarter, over 60 percent of respondents reported that more insurers were underwriting transportation business, compared to just about 53 percent in first-quarter 2010 and 50 percent a year earlier, in second-quarter 2009.
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