Rates are 15% higher than at the bottom of the last soft market, in 2000, according to Advisen’s Q1 survey. They peaked in 2004, 50% above the 2000 bottom.
Advisen’s index looks at four lines of business:
- D&O, which is 38% above the 2000 bottom.
- Property, 37% above the 2000 bottom.
- GL, 4% below the 2000 bottom.
- Workers comp, 2% blow the 2000 bottom.
Just a reminder: In AY2000, WC posted a loss ratio of 104%, according to industry Schedule P’s, and 2001 posted 94%. GL ran at 108% in 2000 and 111% a year later.
Sure hope claim frequency is way down, because I know severity isn’t.