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News - 2005 hurricane season strengthens US property market.
(From Reinsurance)
US property insurance rates increased sharply in the fourth quarter of 2005 following the devastating hurricane season, according to the RIMS Benchmark Survey.
Reversing a two-year trend of steadily falling property insurance premiums, some US commercial insurance buyers saw property premiums increase by as much as 33%, with a median increase of 8%, in the fourth quarter. The premium increases were driven by record-shattering insurer losses as a result of the destruction caused by hurricanes Katrina, Rita and Wilma, estimated by Advisen to cost the insurance industry nearly $58bn.
The results validate feedback the RIMS Benchmark Survey received in the third quarter when risk managers reported that property insurance programmes were beginning to experience as much as a 20% rate increase due to the widespread damage caused by these ...
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...according to the RIMS Benchmark Survey(TM), the...75 percent. The RIMS Benchmark Survey is produced...quoted for their property insurance programs. "Risk...The results of the RIMS Benchmark Survey are available...
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...continuing to soften, according to the RIMS Benchmark Survey(TM), an industry survey...quarter of 2004, premium prices for property insurance fell by about 1.5 percent. General...in the same quarter. The cost of property insurance fell 8.8 percent in the fourth...
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...that premiums for property insurance fell by about 1...said. The cost of property insurance fell 8.8 percent...1.74 Source: RIMS Benchmark Survey/Advisen...managers equally, the RIMS Benchmark Survey found. Buyers...
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- Press release article from: Business Wire July 15, 2004 700+ words
...conditions were released today in the quarterly results of the RIMS Benchmark Survey(TM), an industry survey. The second quarter...last year. More than 65 percent of renewals of domestic property insurance were priced lower (18 percent less on average) or flat...
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...were 2% lower. Workers comp costs were 1% higher. The RIMS Benchmark Survey, which is summarized for RIMS by Advisen Ltd...reported D&O rate increases, averaging 21%. For property insurance, 65% reported that rates were flat or decreasing, while...
