Premium Rate Hikes Are Not Excessive, Lloyds Underwriter Says
New Orleans
Historically speaking, most risk managers are still ahead of the game on rates, even though terrorist attacks, the dot.com crash and Enron's collapse have combined to send insurance premiums soaring, a Lloyds underwriter contends.
"Property rates were increasing 20 percent before Sept. 11, while post-9/11, they were going up just over 80 percent," according to James Stewart, a Lloyds property underwriter for Euclidian in London.
"You have higher deductibles and tighter terms as well, but at the end of the day, rates are back just about to what they were in 1993, adjusted for inflation," he added during a press briefing by Lloyds underwriters here during the Risk and Insurance Management Societys annual conference.
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