The average D&O premium fell 4.6 percent. Large companies, those with revenue greater than $1 billion, saw a sharper decline in average D&O premium than did smaller companies—5.1 percent compared to 2.4 percent. Company size was not a meaningful factor for the other lines of business.

RIMS said directors and officers liability (D&O) was the only line that saw a material decrease in the quarter compared to the prior year. D&O rates fell 4.6 percent, RIMS said, with large companies with revenue greater than $1 billion seeing greater declines, approaching 5.1 percent. Smaller companies saw declines around 2.4 percent, said RIMS.

But general liability, property and workers’ compensation policies renewed, on average, with essentially no change in premium, RIMS said.

“We have seen more carriers exercising underwriting discipline—walking away from business that does not meet their pricing targets—but it is still a very competitive market,” said Robert Cartwright, loss prevention manager for Bridgestone Americas Holding Inc. and a member of the RIMS board of directors. “Premiums have stabilized a bit over the past couple of quarters, but they still are far below 2003-2004 levels. In some lines they are back to where they were during the soft market of the 1990s. It remains a buyer’s market.”

The RIMS Benchmark Survey is produced by Advisen, which collects and analyzes the data and provides the technology infrastructure for the survey’s online services.