Rise in All P/C Premium Rates
Monday, July 2nd, 2001 Liability Property Risk ManagementConning Corporation, a provider of asset management services to insurance companies and institutional investors based in Hartford, Conn., has predicted an increase in auto insurance premiums next year, reversing a trend in declining auto insurance rates that began in 1995. A recent Conning & Company study showed personal automobile rates on the rise by 4 to 8 percent. In some areas, recent filings may bring the increase up to 16 percent, especially for nonstandard automobile coverages. Homeowner insurance premiums also are expected to increase by 6.9 percent in 2002. Despite the rise in premiums across all property/casualty lines, insurers will still be challenged to achieve profitability due to competition, escalating losses, increased expenses and a slowing economy.
