The commercial insurance market in general might be heading south, but the bottom hasn't fallen out yet, a survey of National Underwriter readers reveals.
Indeed, despite a general decline in prices, a significant percentage of risk managers expect premiums to rise for selected coverage, and anticipate their overall insurance spending and risk retention levels to either remain unchanged or increase over the next 12 months, the survey of 132 of NU's risk management subscribers found.
Although 39 percent of corporate insurance buyers anticipate overall premium spending to drop between 1- and 10 percent, 12 percent expect the status quo, while 38 percent believe insurance outlays will actually rise between 1- and 10 percent, according to the survey, sponsored by Miller Insurance Services Ltd.–an independent, specialist, wholesale insurance and reinsurance broker based in London, operating internationally as well as at Lloyd's.
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