Benchmark Survey Finds Cost of Risk Falling

Businesses saw a drop in the total cost of risk for the third year in a row, according to a 2017 Benchmark Survey produced by the Risk and Insurance Management Society, or RIMS, in partnership with Advisen. The survey defines total cost of risk as the cost of insurance, plus the costs of the losses that are retained and the administrative costs of the risk management department. The survey found that predicted rate increases for cyber, errors and omissions, and workers’ compensation insurance failed to materialize in 2016. Rates for property and most liability lines are projected ...