According to a press release, the survey of risk managers by non-profit Risk and Insurance Management Society, Inc. (RIMS) showed that the first quarter of 2007 saw similar commercial insurance pricing as 2006.
General liability premiums fell slightly in the fourth quarter by 0.8%. These premiums have been steadily falling at a controlled pace for the past five quarters, according to the survey.
“A year and a half after Hurricane Katrina, companies with properties in catastrophe-exposed regions are still seeing premiums rise, but trends continue to be quite favorable in other regions and other lines of insurance, “ said Joseph Restoule, RIMS secretary and member of the board of directors, in the press release. “ Risk managers are especially benefiting from steadily falling workers ‘ compensation premiums in many areas.”
For the RIMS Benchmark Survey visit www.RIMS.org/benchmark .