We've been seeing this trend for the last several years but it looks like it's getting even better for the transportation industry. According to TIPS (Transportation Insurance Pricing Survey), more competition is driving down rates on truck insurance.
“TIPS results indicate that the market has reversed direction and is softer now compared to last quarter. Nearly all signs of rates leveling off have been replaced by signs of intensifying competition,” said Richard Augustyn, CEO of NIP Group, Inc. “This change in direction is not what we were expecting based on last quarter’s results. We will continue to monitor TIPS results to see how this plays out during the key January renewal period.”
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