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
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 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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