Small Employers See Higher Insurance Costs Size matters when it comes to the cost of insurance, according to a study by New York City-based insurance broker Marsh, which indicates that smaller employers pay a larger portion of their revenues for insurance management costs than larger ones.
The study, entitled "Casualty Cost of Risk 2003," asked 1,050 respondents across 23 industry classifications about the cost of insurance compared to revenue. The report examined the combined costs for a policyholder covering workers compensation, general liability and automobile liability, which account for about 90 percent of "total financial outlays" in insurance coverage for U.S. corporations.
The study found that, on average, U.S. employers spend $2.45 for insurance and other risk management solutions for every $1,000 in revenues to manage their casualty risks.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
