Risk managers are sitting pretty right now, enjoying the fruits of a softening commercial insurance market. However, buyers should beware not to party too hard celebrating today's falling premiums and expanding coverage, as a hangover awaits should a major natural or economic catastrophe send prices soaring once again, leading risk management officials warn.
Indeed, those who take too much credit for dollars saved on coverage in today's buyer's market might have a harder time explaining higher budget requests when insurance pricing inevitably “boomerangs” down the line, these leaders explained.
For now, however, the speed with which the commercial insurance market is softening has been a pleasant surprise for buyers, David Bradford, editor-in-chief of Advisen, said earlier this month, referencing the Risk and Insurance Management Society's Benchmark Survey of renewal prices reported by corporate risk managers.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
