Risk and Insurance Management Society’s latest survey found average renewal premium rates rising in three out of the four business lines it tracked. This “strongly suggests” that an eight-year period of falling commercial insurance rates is at its end, according to New York-based RIMS.
The RIMS Benchmark Survey tracked changes in average program renewal premiums for director & officers liability (D&O), general liability (GL), property and workers’ compensation, as reported by risk managers. Results were released on Nov. 15. Of the four lines, only D&O posted a decrease, falling 1.9 percent. The average renewal premium rose 1.2 percent in GL, 1.6 percent in property and 2.1 percent in workers’ compensation.
Topics Commercial Lines Pricing Trends Business Insurance Market
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