Average prices for all lines of coverage combined continued to decrease during the first quarter of 2008, according to Towers Perrin's quarterly survey of commercial lines insurance pricing and profitability. Prices have dropped about 6 percent compared with last year's first quarter.
Large insureds experienced price decreases nearly four times larger than small accounts. However, the drop in prices seen in 2007 for specialty lines appears to have tapered off.
For the majority of product lines surveyed, the deterioration in loss ratios seen in 2007, which increased 12 percent versus 2006, has shown signs of continuing into 2008.
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.
