RIMS Benchmark Survey 2017
Despite rising uncertainty and increasingly more complex risk profiles, businesses saw a decline in the total cost of risk (TCOR) for the third year in a row, according to the 2017
Key findings from this year's
* Technological advances have caused a seismic shift in the risk landscape, creating new types of claims and forcing insurers to consider new products and solutions for customers.
* Insurers ended 2016 with average capital and surplus at its highest level in 10 years. However, excess capacity is undermining profitability, as seen by falling net income and return on average equity.
* The personal insurance space is in the midst of a consumer-centric revolution, offering customers new transaction platforms, better metrics and more flexible pricing and coverage options. Commercial insurance is expected to adopt a similar focus, transforming the way business is transacted.
* Predicted rate increases for cyber, E&O and workers' compensation failed to materialize across the board. Projections for 2017 are more moderate, with property and most liability lines flat to down 10%.
* Emerging trends in the 2017 risk landscape include the tech revolution, security issues, natural catastrophes and political upheaval.
The annual RIMS survey, produced with
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"Organizations lean on their risk professionals to inform strategic decision-making," said RIMS President
About Advisen
Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen's proprietary data sets and applications focus on large, specialty risks. Through
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