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Insurance buyers likely will enjoy another year of competitive insurance pricing throughout 2010 as the lingering impact from the economic recession will keep rates from rising until at least 2011, according to New York-based Advisen Ltd.
“The recession may have ended, but recovery has not yet begun in any meaningful way,” said Dave Bradford, an Advisen executive vp and author of a report released Tuesday. “Because of the economic slowdown, there is less to insure, and written premiums are taking a beating as a result,” he said in a statement. “Factor in soft market pricing and 2010 looks like it will be another tough year for carriers and brokers.”
Average premiums have been falling steadily since 2004 in some lines of insurance as a result of excess insurance capacity, and general liability and commercial directors and officers liability insurance rates, specifically, are expected to erode further before bottoming out, Advisen said. It noted that average general liability premiums are at levels not seen since 2000, while average workers compensation premiums are at 2001 levels.
A free copy of Advisen’s “Planning for 2010: The Recession Will Keep Commercial Insurance Premiums Under Pressure” can be accessed online at http://corner.advisen.com/reports_topical_planning_2010_home.html.