Despite poor financial results, competition among insurers continued to be intense in the second quarter, but depletion of capital signals rising commercial insurance rates ahead, according to the Risk and Insurance Management Society's Benchmark Survey, backed up by observations from other industry leaders.
The survey of policy renewal prices reported by North American corporate risk managers found that the market in general remains relatively soft–as both general liability and workers' compensation policies posted average declines in premiums.
"If the gloom of the global recession has a silver lining for risk managers, it is the competitive insurance market," said Daniel H. Kugler, a member of the RIMS board of directors and assistant treasurer, risk management, at Snap-on Inc.
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