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RRG 2002 Premium Projected Over $1 Billion

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 ...

By Karen Cutts | Updated on March 04, 2003

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.

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