Despite the fact that capacity in the U.S. commercial insurance market is drying up, the market remains competitive, according to the Risk and Insurance Management Society (RIMS)'s 2009 Q2 Benchmark Survey.
The survey was produced by Advisen Ltd. It is based on policy renewal prices as reported by North American corporate risk managers.
The survey found commercial rates continue to drift downward despite the loss of US$81 billion in policyholders' surplus in 2008, a joint RIMS and Advisen release says.
Policyholders' surplus is a measure of insurance capacity. As surplus falls, the "supply" of insurance also decreases. Experts attribute the deteriorating investment markets as the principal cause in the decline in policyholders' surplus.
"Insurance capacity is disappearing at a startling rate, but the market nonetheless remains competitive," said David Bradford, executive vice president of Advisen Ltd. and editor-in-chief of the Benchmark Survey.
July 2009 Archives
The much-anticipated hard market in commercial lines is taking its time to develop, as rates for U.S. commercial property/casualty premiums idled during the second quarter of the year, according to The Council of Insurance Agents & Brokers' (CIAB) quarterly Commercial P/C Market Index Survey.
"We saw no significant change in pricing trends from the first quarter to the second quarter," CIAB president Ken A. Crerar said in a release. "If a hard market is coming, it's up the road a bit. The pricing appears to be more a result of the weak economy than capacity."
Overall rate declines for small, medium and large accounts were fairly consistent, including decreases in the first quarter of the year, according to the CIAB.
Average commercial rates in the United States declined 4.9% in 2009 Q2, compared to a 5.1% decline in Q1.
The government of Canada has published the regulations surrounding low-Volatile Organic Compound (VOC) automotive refinishing products.
The regulations introduce VOC concentration limits for 14 categories of coatings and surface cleaners, which are used for refinishing or repairing the painted surfaces of automobiles, trucks, and other mobile equipment, according to Environment Canada's Web site.
The regulations will come into force on June 18, 2010 -- one year after the regulations were registered -- to allow for a transition period for automotive and refinishing product manufacturers and importers, according to Volatile Organic Compound (VOC) Concentration Limits for Automotive Refinishing Products Regulations.
OK. It is clear that our site will have a big plan to make a renovation.
The whole site will be changed to implement Web 2.0 tech as an insurance site.
We have Blog, Insurance News, Insurance Terms, Insurance Directory for brokers. We are also promote good insurance products to our users.
It is under development right now. The release day is August 1st.
