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Commercial Insurance Pricing Declined Again in 2016

Most lines dropped in the third consecutive year of soft market, according to the RIMS Benchmark Survey.

By Susan Kelly | Updated on May 10, 2017
The market for commercial insurance was soft in 2016 for the third year in a row, and the buyer’s market should continue into this year, according to the recently released RIMS Benchmark Survey.

The RIMS survey, which was compiled in conjunction with consultancy Advisen, cited declines across all lines of coverage except for total fidelity, surety, and crime costs. It showed that the total cost of risk per $1,000 of company revenue dropped 5% last year to $10.07, from $10.55 in 2015. That follows declines in the total cost of risk of 2% in 2015 and 1% in 2014.

The survey, based on responses from 759 organizations, shows property insurance costs declined 8% as a portion of the total cost of risk, while liability costs were down 5% and workers compensation costs slid 6%.

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