NU Online News Service, Oct. 8, 11:00 a.m. EDT
With layoffs and lower sales volume decreasing demand for insurance coverage, the recession continues to deeply depress renewal rates for property and casualty insurance programs, according to the RIMS Benchmark Survey.
The survey, administered by Advisen Ltd. on behalf of the Risk and Insurance Management Society, tracks changes in insurance policy renewal prices as reported by North American corporate risk managers.
According to the survey, commercial insurance buyers are benefitting from low prices due in part to the global economic recession, which has suppressed demand for insurance capacity, prompting underwriters to compete for diminishing premium dollars.
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