In spite of the fact that commercial-renewal prices continued to fall in the first quarter, a composite-pricing index based on reports from 1,200 risk managers shows that prices are still 15 percent higher than at year-end 2000 (adjusted for inflation).
According to New York-based Advisen, a provider of insurance-related data and research, average first-quarter 2011 commercial renewal prices were 2.4 percent lower than in first-quarter 2010.
The decline was the second consecutive 2.4 percent drop, according to a history of Advisen ADVx premium indices dating back to early 2001. The history shows a string of earlier year-over-year declines in first-quarter numbers hovering between 3.9 percent and 5.5 percent (between the 2005 first quarter and 2009 first quarter).
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