Based on a recent survey conducted by RIMS Survey, commercial risk buyers saw a soft market in the first quarter, although signs point to the market beginning to harden. Despite economic turmoil, most buyers found commercial insurance premiums flat or down slightly for most North American businesses. Industry experts believe the market will continue to be firm, meaning that rates would decrease at a lesser extent than they have been. In particular the lines of directors and office liability, errors and omissions and also fidelity bonds have seen some substantial hardening.
I’ve heard from some recruiters within NIRA that they are seeing projects specifically related to this projected hardening of the market.
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