Three of the four insurance lines tracked by the Risk & Insurance Management Society’s Benchmark Survey showed little change in the second quarter, suggesting the steady decline in insurance premiums seen in recent years may be nearing an end, RIMs says.
According to the survey, which is conducted by Advisen, the cost of renewing general liability, property and workers compensation policies all declined by less than 1% in the second quarter, while the cost of directors and officers liability coverage fell 4.5%.
Separately, the quarterly survey from the Council of Insurance Agents & Brokers released late last month showed a mix of price changes, with small accounts reporting average rate increases of 1% in the second quarter and large accounts reporting declines of 1.3%.
Two lines, commercial property and workers’ compensation, showed average increases in the second quarter, the CIAB said. But brokers reported the insurers were seeking tougher terms and conditions, according to the survey.