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D&O liability prices continue rising

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Premiums for directors and officers liability coverage surged 83%, on average, during the first quarter of 2003, according to a survey of 600 U.S. and Canadian risk managers.

But premium increases moderated for excess casualty and property insurance, according to a survey conducted by the New York-based Risk & Insurance Management Society Inc.

RIMS, in partnership with New York-based Advisen Ltd., on Monday released the preliminary results at the 41st RIMS Annual Conference and Exhibition in Chicago. The survey project is continuing.

The quarterly increase in D&O premiums follows a 103% spike in premiums during the whole of 2002.

But, according to RIMS, excess casualty insurance premiums rose a more moderate 19% during the first quarter of 2003. The same coverages saw a 118% increase in the whole of 2002.

Property insurance premiums rose just 4% during the quarter. During 2002, property premiums had increased by 80%.

Fiduciary liability insurance premiums, meanwhile, grew by 22% during the quarter. Premiums in that line increased 43% in 2002.

To participate or receive a copy of the survey, contact Advisen at 800-655-6590.