It's that time of year again! Risk managers are renewing their insurance policies, and RIMS is collecting data for the RIMS Benchmark Survey. The market has changed quite a bit since last year, and we want to track the progress.
The 2019 Survey showed:
- The P/C industry had a profitable 2018.
- TCOR was higher in 2018, largely due to rising insurance rates.
- For casualty lines, higher TCOR is in part a response to a higher frequency of very large losses.
- Property TCOR rose despite a significant decrease in catastrophe losses in 2018.
- Cyber insurance remains a major success story for insurers.
The RIMS Benchmark Survey provides a unique window into the commercial insurance market. Seen against the backdrop of industry economic data, change in TCOR offer insights into the forces at work in the insurance industry. Armed with this information, insurance buyers are better positioned to design their risk financing programs, budget insurance costs, report more effectively to senior management, and negotiate with carriers. It offers risk managers, insurance brokers and underwriters the first and only real-time window into the commercial insurance market-unbiased by brokers or insurers involved. How do you use the RIMS Benchmark Survey?
The RIMS Benchmark Survey is a single source of benchmark statistics based on 15,000+ insurance and represents more than $2.9 billion in premium. What trend will we see in 2020? Submit your data now, and get your copy of the 2020 RIMS Benchmark Survey free! Get started at www.RIMS.org/Benchmark.