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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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
