Companies that renewed commercial insurance coverage during thefirst quarter generally saw their premiums decline, according tothe benchmark survey conducted by the Risk and Insurance ManagementSociety and Advisen. The softening occurred in spite of the naturaldisasters that dominated the first quarter, such as the earthquakeand tsunami in Japan and floods in Australia.
The RIMS survey shows average premiums on renewals of propertyinsurance fell 4.2% in the first quarter, while premiums on workerscompensation were off 3.2% and those on directors and officersinsurance were down 2.3%. Premiums on general liability coveragedeclined 0.8%.
Read more about the survey here.
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