The 2007 outlook for insurance rates is good for buyers even in the hard hit property catastrophe sector, according to an annual survey by the Risk & Insurance Management Society.
Property coverage rates--the only line of business that climbed in the fourth quarter of 2006--increased by about 6.6 percent. The sharp increase was caused by the continuing legacy of the 2005 hurricane season, according to the annual RIMS Benchmark Survey, produced by Advisen Inc.
Given that there are no major catastrophes this season, it's a "pretty good bet" that property coverage in 2007 will stabilize or even improve, David Bradford, editor-in-chief of Advisen, told National Underwriter.
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