Average Insurance Premiums Hold Steady in Second Quarter.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Insurance Premiums Remain Flat or Decrease Slightly as Hurricane Regions Continue to Endure Increase in Property Insurance Premiums According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the RIMS Benchmark Survey(TM), commercial insurance premiums were flat to slightly lower in the second quarter of this year compared to the prior year. The RIMS Benchmark Survey is the industry's leading comprehensive survey of current policy renewal prices as reported by corporate risk managers. In the second quarter, Directors and Officers (D&O) premiums dropped 3.5 percent, the largest decrease of any line of business tracked by the Survey. This reduction was due largely to rate cuts for small- to medium-sized businesses. Average property insurance premiums were largely unchanged, although the average masks significant discrepancies between policies in hurricane-exposed regions and policies in other parts of the country. Insureds in Florida and the Gulf Coast states are experiencing massive increases in the aftermath of the record-shattering 2005 hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
See Middle Atlantic States. Noun 1. Mid-Atlantic states - a region of the eastern United States comprising New York and New Jersey and Pennsylvania and Delaware and Maryland U.S.A. are also encountering higher premiums, while insureds in the Western and, especially, Midwestern states are enjoying substantial savings in property premiums. "Aside from the increase in property insurance premiums in catastrophe-exposed regions, insurance premiums continue to trend downward," said David Bradford David Bradford is the name of:
"Forecasting services are predicting another active hurricane season," said Joseph Restoule, member, RIMS Board of Directors, Membership and Chapter Services portfolio. "Risk managers are generally benefiting from softer rates but companies in natural catastrophe-exposed regions aren't likely to see property insurance pricing conditions improve anytime soon." As predicted by Advisen analysts in the first quarter, general liability, which experienced a slight uptick Uptick A transaction occurring at price above its previous transaction. In order for an uptick to occur, a transaction price must be followed by an increased transaction price. in average pricing in the first quarter, resumed its downward slide in the second quarter, falling 1.2 percent. Advisen analysts claimed the increase in general liability premiums were a temporary response to a spike in property premium levels. Workers compensation was essentially unchanged. About The RIMS Benchmark Survey(TM) Risk managers who contribute insurance schedule data to the survey can benchmark both the structure of their commercial insurance programs and the cost of insuring their risk against a highly relevant group of peer companies. Additionally, survey respondents can use software personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. and configured for their needs to view detailed schedules of insurance, programs for current and past years, and full-color program tower charts. Both benchmark charts and program charts download into any presentation for senior management. The results of the RIMS Benchmark Survey are available online or in an annually published book. Visit www.RIMS.org/benchmark for details. The RIMS Benchmark Survey is produced by Advisen, Ltd., which collects and analyzes the data and provides the technology infrastructure for the survey's online services. Risk management professionals can contribute by e-mailing current and prior-year policy schedules to Benchmark@RIMS.org or by faxing to 212-655-7453. During the last quarter, Advisen introduced an additional way to help Risk Managers contribute to the RIMS Benchmark Survey. The advent of the "Broker Authorization Letter" enables Risk Managers and buyers of insurance to contribute to the RIMS Benchmark Survey by designating their broker to provide the client's program details. The letter is available at www.rims.org/brokerform or by calling 800-655-6590. About RIMS The Risk and Insurance Management Society Risk and Insurance Management Society, Inc. (RIMS), founded in 1950, is a membership-based industry trade group, representing nearly 4,000 industrial, service, nonprofit, charitable, and governmental entities and serves more than 10,000 risk management professionals around the , Inc. (RIMS) is a not-for-profit organization dedicated to advancing the practice of risk management, a professional discipline that protects physical, financial and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . Founded in 1950, RIMS represents nearly 4,000 industrial, service, nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. , charitable, and governmental entities. The Society serves over 9,600 risk management professionals around the world. About Advisen Advisen, Ltd. provides carriers, brokers, risk managers and other insurance professionals with an integrated analytics and information platform for insight to make key commercial insurance and risk management decisions. Advisen's over 400 clients access the on-demand, web-based service for research on 275,000 program transactions, 180,000 claims, 80 industries and 1.7 million companies and organizations. Advisen member firms gain higher value on the above information through analytic functions In mathematics, an analytic function is a function that is locally given by a convergent power series. Analytic functions can be thought of as a bridge between polynomials and general functions. such as: benchmarking, work-up and submission templates, insurance program management, policy & law comparisons, loss & exposure analysis, corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. , financial metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. , news and significant case data. Over 40,000 insurance professionals use Advisen every day. Visit www.advisen.com or call 212-897-4800. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion