Average premiums for general liability and workers compensation lines fell less than 1%, while the average property insurance premium declined about 3% and the average directors and officers liability insurance premium dropped 4%, according to the “RIMS Benchmark Survey,” administered by New York-based Advisen Ltd.
In fact, “rates in some lines are back to where they were at the depths of the last soft market,” said Robert Cartwright, loss prevention manager for Nashville, Tenn.-based Bridgestone Americas Holding Inc. and a member of the RIMS board of directors, in a statement.
He added that while this might suggest that the market is poised for a turn, “competition is still intense. Barring a large catastrophe loss, insurance buyers should continue to enjoy favorable pricing for the foreseeable future.”
No. 2: The Counsel of Insurance Agents and Brokers: Rates down 5.2% from a year ago. Business Insurance again:
The Washington-based CIAB’s Commercial P/C Market Index found, however, that the rate of decline had slowed somewhat since the second quarter, when rates dropped an average of 6.4%. In general, the larger the account, the greater the decline, with large account rates dropping an average of 6.6% while those of small accounts dropped only 3.6%.