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8.5%

Decrease in the average property premium for the third quarter, according to a RIMS Benchmark Survey, an industry survey of policy renewal prices as reported by North American corporate risk managers. The survey indicated the average property premium fell sharply despite as much as $20 billion in insured losses from Hurricanes Gustav and Ike. The 9.6 percent decrease in average general liability premium is the largest single quarterly drop since 2005.

5%

The percent increase California Insurance Commissioner Steve Poizner accepted for a workers’ compensation insurance increase. Poizner said the modest increase reflects higher medical and claims adjustment costs to the system. The Workers Compensation Insurance Rating Bureau had called for a 16 percent increase.

$12.7 Million

Amount the California Department of Insurance indicated it had recovered for consumers affected by the 2007 Southern California wildfires and had been “shortchanged” by insurers.

Topics California