The effort by commercial lines underwriters to hold the line on premiums gave way under the pressure of a highly overcapitalized market in the first quarter of 2011, according to the RIMS Benchmark Survey. The survey tracked property, workers’ compensation, D&O and general liability. Administered by insight services provider Advisen Ltd., the survey results posted material decreases in average renewal premiums in three of four lines of business tracked.
Property insurance posted the largest decrease, falling 4.2% on average for policies renewing during the quarter. The average workers’ compensation premium fell 3.2% and the average D&O premium dropped 2.3%. General liability was the only line tracked by the survey to not record a material decrease, declining only 0.8%.
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