Property Rates Dip As Market Softens
Insurance buyers were given the “good news” that the cost of property insurance fell 8.8 percent in the fourth quarter of 2003the first decline in premium prices in any major line of commercial insurance in nearly four years, according to the RIMS Benchmark Survey.
The Risk and Insurance Management Society survey of market conditions found that while still experiencing some price inflation, risk managers noted that other commercial insurance product price increases were either significantly lower than in the third quarter or remained relatively flat, quarter over quarter.
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