The average total cost of risk–made up of insurance premiums, retained losses and risk management administrative costs–fell 9.4 percent per $1,000 of revenue in 2008, according to the annual benchmark survey by the Risk and Insurance Management Society.

New York research firm Advisen and RIMS jointly announced the results, based on a survey of over 1,300 U.S and Canadian risk managers.

Lower average premiums in almost every line of business contributed to the overall drop in the total cost of risk, according to Advisen.

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