RIMS survey: 8-year soft market ending

Via Advisen:

New York (November 15, 2011) – Average renewal premiums in three of four lines of business tracked by the RIMS Benchmark Survey™ increased in the third quarter, strongly suggesting that an eight year period of falling commercial insurance rates is at its end.

The RIMS Benchmark Survey™ tracks changes in average program renewal premiums for director & officers liability (D&O), general liability (GL), property and workers’ compensation, as reported by risk managers. The survey is administered by Advisen Ltd.

Of the four lines, only D&O posted a decrease, falling 1.9 percent. The average renewal premium increased 1.2 percent in GL, 1.6 percent in property and 2.1 percent in workers’ compensation.