RIMS: Soft Market Has Hit Bottom for Commercial Lines

Risk and Insurance Management Society’s latest survey found average renewal premium rates rising in three out of the four business lines it tracked. This “strongly suggests” that an eight-year period of falling commercial insurance rates is at its end, according to New York-based RIMS.

The RIMS Benchmark Survey tracked changes in average program renewal premiums for director & officers liability (D&O), general liability (GL), property and workers’ compensation, as reported by risk managers. Results were released on Nov. 15. Of the four lines, only D&O posted a decrease, falling 1.9 percent. The average renewal premium rose 1.2 percent in GL, 1.6 percent in property and 2.1 percent in workers’ compensation.