Property insurance rates increased by as much as 33 percent in the fourth quarter of 2005, with a median increase of 8 percent, according to the Risk and Insurance Management Society's Benchmark Survey.
The increase reversed a two-year trend of steadily falling property insurance premiums, the comprehensive survey of current policy renewal prices reported by corporate risk managers and produced by Advisen Ltd. found.
The insurance market "shrugged off the record hurricane losses of 2004, but the combined impact of Katrina, Rita and Wilma was clearly more than the market was ready to absorb in 2005," Karen Beier, a member of the RIMS board of directors, holding the membership and chapter services portfolio, said in a statement.
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