RRG 2002 Premium Projected Over $1 Billion Along with the dramatic rise in the number of risk retention group formations, the final tally for RRG annual premium for 2002 is projected to soar to well over a billion dollars, with increases in almost all business areas, according to the Risk Retention Reporter’s annual survey.

Gross written premium for 2002, based on projections provided by RRGs, is estimated to total $1.28 billion, an increase of $284 million (30.1 percent) over the previous year and 53 percent higher than the 2000 premium of $803 million. The average premium per RRG is projected to increase by 18.6 percent to $15.5 million, while the number of insureds is expected to grow to 182,600, a 5.7 percent gain.

The largest premium producing sectors are healthcare, professional services, and government and institutions, which produce the lion’s share of RRG premium. Collectively they represent more than 84 percent of RRG premium.

Premium projected for 2002 for healthcare is $535 million, or 43 percent of the total. The RRGs classified in this business area serve hospitals, physicians, dentists and health maintenance organizations, with hospitals accounting for almost half of all the RRGs.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.