Hardening market conditions caused the average total cost of risk (TCOR) among 14 industries to surge by five percent in 2012, shows the 2013 RIMS Benchmark Survey, produced by Advisen Ltd.
In comparison, the TCOR increase seen in 2011 was only 1.7 percent over the prior year.
The annual survey, which includes data about 52,000 insurance programs from almost 1,500 organizations, found that mean TCOR rose from $10.19 per $1,000 of company revenue in 2011 to $10.70 per $1,000 of revenue in 2012.
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