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18th of May 2012

‘Premiums drifting upwards’

Matthew Broomfield 16/11/2011

Risk managers should budget for somewhat higher insurance costs but capacity remains abundant.

Average renewal premiums increased in the third quarter in three main business lines, said a RIMS benchmark survey.

Renewal premiums increased for general liability, property and workers’ compensation by 1.2%, 1.6% and 2.1%. Only director & officers’ liability posted a decrease, falling by 1.9%.

“Indications have been strong over the past couple of quarters that the market was near bottom, so it’s not surprising to see premiums drifting upward a bit now,” said Dave Bradford, president of Advisen’s research and editorial division, and editor-in-chief of the survey.

Sharply higher rates like in 2001 are nowhere in sight, however, added Bradford.

It would likely take a very large catastrophe or series of catastrophes to trigger a very hard market, said Frederick Savage, FCII, ARM, RIMS board of directors.

“Average premiums may be showing modest increases, but it seems pricing generally is still quite favourable in most lines,” said Savage.

The RIMS Benchmark Survey was administered by data analysts company Advisen.

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