Gross written premium for risk retention groups in 2008 is expected to grow to $2.62 million, up 2.5 percent compared to last year, when premiums fell 3 percent–bringing this year's RRG premiums close to 2006 levels, according to the 21st Risk Retention Reporter survey.
The biggest premium gains are projected for health care ($92.0 million), while the largest declines are projected for property development ($61.2 million). The number of RRG insureds is projected to grow to 238,120–up 5.0 percent and higher than last year's 4.1 percent.
The soft market is clearly impacting projected RRG premium growth, however, as traditional insurers provide greater availability and lower rates for many commercial lines of liability insurance. Purchasing groups have seen resurgence as well, as insurers' appetite for program business has increased.
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