The spate of catastrophic loss events witnessed in the first half of 2011 have battered insurers and reinsurers, but have not substantially altered market dynamics, new data from The Risk Management Society reveals.
Administered by Advisen Ltd., the RIMS Benchmark Survey reveals that despite losses realized from tornadoes in the United States, earthquake and tsunami in Japan, floods in Australia and earthquakes in New Zealand, average renewal premiums ebbed for three of four lines tracked. General liability, property and workers’ compensation all fell by less than 1 percent on average, while directors & officers liability policies renewed 4.5 percent lower.
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