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Insurance Premiums Still Soft

Property rates remain unchanged in third quarter, liability costs down 3.7%

By staff Writer | Updated on October 20, 2009

The buyer’s market in commercial insurance continued during the third quarter, according to the latest benchmark survey from the Risk and Insurance Management Society and Advisen. There was no change in the average premium for property insurance policies that renewed during the third quarter, while the average general liability premium actually declined 3.7% and the average premium on workers compensation insurance fell 4.5%. The survey notes, though, that since liability and workers compensation policies take into account sales and payrolls, the weakness in those areas contributed to the decline in premiums.

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