The buyer's market continues in the property and casualty insurance marketplace.
The Simmonds Business Insurance Index™
May, 2010
Renewal Premiums: -10%
Renewal Coverages: Liberal Terms
Buyer's Outlook: Long-Term: Prices Flat
The Simmonds Business Insurance Index™was built to give insurance buyers a way to judge upcoming insurance renewals. While different industries and regions experience different risk profiles, this index is designed to give a broad market view.
Comments for May:
I keep reading of continued insurer capacity and improving insurer profits.
The renewals I am aware of are still quite aggressive. Buyers continue to experience falling prices.
The last few months I thought prices would start to rise. Now I'm thinking, not this year.
If your renewal is 6 months out or more budget for a 5% increase and push your agent and carriers. I don't think you will be unpleasantly surprised.
I am also starting to read more about the pain the agent community is feeling due to the long, "soft" market. Declining premiums mean declining revenues for agents.
The Simmonds Business Insurance Index™
May, 2010
Renewal Premiums: -10%
Renewal Coverages: Liberal Terms
Buyer's Outlook: Long-Term: Prices Flat
The Simmonds Business Insurance Index™was built to give insurance buyers a way to judge upcoming insurance renewals. While different industries and regions experience different risk profiles, this index is designed to give a broad market view.
Comments for May:
I keep reading of continued insurer capacity and improving insurer profits.
The renewals I am aware of are still quite aggressive. Buyers continue to experience falling prices.
The last few months I thought prices would start to rise. Now I'm thinking, not this year.
If your renewal is 6 months out or more budget for a 5% increase and push your agent and carriers. I don't think you will be unpleasantly surprised.
I am also starting to read more about the pain the agent community is feeling due to the long, "soft" market. Declining premiums mean declining revenues for agents.
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