The global economic crisis is increasing pressure on insurers to raise rates, according to a survey by the Risk and Insurance Management Society Inc.
The RIMS Benchmark Survey found that although insurance premiums for businesses continued a five-year trend of falling rates during the fourth quarter of 2008, recent data suggest a reversal of this trend may soon be underway.
Rates for property, general liability, and directors and officers (D&O) insurance premiums all decreased at a materially slower pace than in recent quarters, according to the survey of policy renewal prices as reported by North American corporate risk managers.
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