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Tremendous insured losses from natural catastrophes in 2011 took a toll on pricing across all insurance businesses, found the newly released Risk and Insurance Management Society (RIMS) Benchmark Survey measuring Total Cost of Risk (TCOR) and its impact on 10 industry groups.
Average TCOR for all surveyed companies, both private and nonprofit, increased by 1.7 percent from $10.02 per $1,000 of revenue to $10.19 per $1,000 of revenue. The contribution of property premiums to average TCOR grew by almost 9 percent, from $2.73 per $1,000 of revenue to $2.92 per $1,000 of revenue.
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