US commercial rates still dropping
US insurance premiums are continuing to fall, with the largest decreases since Hurricane Katrina recorded in the last quarter.
The RIMS Benchmark Survey, which collates policy renewal prices from corporate risk managers, reports commercial rates have suffered their largest quarterly decline since 2005.
The average D&O premium fell 19% in the first quarter of the year, while general liability premiums continued their steady decline, shedding 2%. Workers’ compensation premiums fell 11% and property premiums were down 6%.
The survey notes this is a “clear indication that competition is returning to catastrophe-exposed regions”.
RIMS board member John Phelps says soft market conditions are not only ongoing but accelerating, with insurers not phased by rising claims from the US subprime mortgage crisis.
The RIMS Benchmark Survey, which collates policy renewal prices from corporate risk managers, reports commercial rates have suffered their largest quarterly decline since 2005.
The average D&O premium fell 19% in the first quarter of the year, while general liability premiums continued their steady decline, shedding 2%. Workers’ compensation premiums fell 11% and property premiums were down 6%.
The survey notes this is a “clear indication that competition is returning to catastrophe-exposed regions”.
RIMS board member John Phelps says soft market conditions are not only ongoing but accelerating, with insurers not phased by rising claims from the US subprime mortgage crisis.