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Risk Managers Say Insurance Market Softening More than half of risk managers say they think the insurance market is softening, and that premium rates will reach their lowest point in 2007 and 2008, a new survey has found. According to an article by Morgan O'Rourke in the July issue of Risk Management magazine, the study by London-based Miller Insurance Services asked the opinions of senior risk managers from Fortune 750 companies. The survey also found that managers anticipate that property and casualty rates will drop more significantly than other rates, but only about a third of those surveyed believe that their insurance spending will decrease in 2005 and 2006. O’Rourke also says that risk managers reported an average total risk management budget for their companies of $21.5 million each year, with $10.6 million of that earmarked for annual insurance premium spending. Not only that, but “nearly three-quarters agreed that insurance companies and underwriters were delivering the right products for the risk that their companies face,” O’Rourke says. The survey said many risk managers say their role within the company is changing and expanding, particularly with regard to supporting the board in implementing Sarbanes-Oxley Section 404. To read the full article, click here: http://www.rmmag.com/MGTemplate.cfm?
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