Companies that renewed commercial insurance coverage during the first quarter generally saw their premiums decline, according to the benchmark survey conducted by the Risk and Insurance Management Society and Advisen. The softening occurred in spite of the natural disasters that dominated the first quarter, such as the earthquake and tsunami in Japan and floods in Australia.
The RIMS survey shows average premiums on renewals of property insurance fell 4.2% in the first quarter, while premiums on workers compensation were off 3.2% and those on directors and officers insurance were down 2.3%. Premiums on general liability coverage declined 0.8%.
Read more about the survey here.
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