Data from more than 52,000 insurance programs from almost 1,500 organizations indicate that the average total cost of risk (TCOR) for commercial insurance buyers increased 5 percent in 2012, compared to an increase of 1.7 percent in 2011.
The Risk Management Society (RIMS) and Advisen Ltd., a data, analytics and news provider, collected this data for its “2013 RIMS Benchmark Survey” and found that average TCOR for all companies increased to $10.70 per $1,000 of revenue from $10.19 per $1,000 of revenue. The organizations attribute this increase to firming market conditions. The contribution of property premiums to average TCOR grew nearly 6 percent, to $3.09 per $1,000 of revenue from $2.92 per $1,000 of revenue.
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