According to the Risk and Insurance Management Society’s (RIMS) annual benchmark survey, commercial insurance pricing changed very little in the fourth quarter of 2010. The report, administered by Advisen Ltd, found that general liability, property and workers comp policies renewed with hardly any change in premium, on average. According to a press release issued today by RIMS:
“We have seen more carriers exercising underwriting discipline – walking away from business that does not meet their pricing targets – but it is still a very competitive market,” says Robert Cartwright, loss prevention manager for Bridgestone Americas Holding, Inc. and a member of the RIMS board of directors. “Premiums have stabilized a bit over the past couple of quarters, but they still are far below 2003-2004 levels. In some lines they are back to where they were during the soft market of the 1990s. It remains a buyer’s market.”
Though most premiums remain unchanged, average D&O premium did make a move. The report states that the average D&O premium fell 4.6%, though larger companies saw a slightly sharper decline while smaller companies saw only a minuscule drop.
In the February issue of Risk Management, our fearless editor in chief, Morgan O’Rourke, tackles the state of the property/casualty market in our annual P/C Market Outlook. Check here February 1st to find out more.
