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11/21/2011 - Insurance Rates Begin to Rise

"A survey by the risk management society, RIMS, said prices for most types of commercial insurance in the U.S. have started to rise after eight years of declines, though the gains are still fairly small. The survey said average renewal premiums rose 1.2% to 2.1%" -excerpted from the Minnesota PIA newsletter. As insurance professionals, we do not see a modest rise in rates as an unexpected situation given the significant weather-related catastrophic losses,the poor performance of insurance company investments (are anybody's doing well?), and the unusual longevity of the now ending "soft market" in insurance pricing.

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