The market for commercial insurance was soft in 2016 forthe third year in a row, and the buyer's market should continueinto this year, according to the recently released RIMS BenchmarkSurvey.

The RIMS survey, which was compiled in conjunction withconsultancy Advisen, cited declines across all lines of coverageexcept for total fidelity, surety, and crime costs. It showed thatthe 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 inthe total cost of risk of 2% in 2015 and 1% in 2014.

The survey, based on responses from 759 organizations, showsproperty insurance costs declined 8% as a portion of the total costof risk, while liability costs were down 5% and workerscompensation 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.