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Corporate Insurance rates - any one willing to compare?

I'd love to get input and do a mini survey on what you are seeing in insurance renewals this year.  I am getting my initial quotes in from marketing and although I expected increases am surprised at the size of them.  The intial rate increase indications, with volumes/sales/values, level set for true year over year comparison, are:

Property +35%

General Liability +100%

Auto +15%

Umbrella +193%

Workers Comp +39%

Anyone willing to share their experiences so I can see if I shoul dbe happy or sad?

Thanks!  Brenda

Answers

Robert Breedlove
Title: CFO
Company: Xpert Exposition Services
(CFO, Xpert Exposition Services) |

General Liability +120%

Topic Expert
Patrick Dunne
Title: Chief Financial Officer
Company: Milk Source
(Chief Financial Officer, Milk Source) |

General Liability: +57%
D&O +10%

Kelly Nanasy
Title: CFO
Company: Wausau Financial Systems, Inc.
(CFO, Wausau Financial Systems, Inc.) |

D&O fairly flat
P&C coverages up about 3%
Tech, E&O up low double digits
We are a midwestern, middle market, private company

Topic Expert
Joan Varrone
Title: CFO
Company: Cloud Cruiser
LinkedIn Profile
(CFO, Cloud Cruiser) |

I just met with a broker from Barney and Barney who told me that rates were indeed going up and here are the following rate changes (avg for Q1 2012), Barney and Barney is in California

Auto 3.1%
WC 7.4%
Property 6.5%
Gen Liab 3.1%
Umbrellla 3.3%

Dawn Hall
Title: Chief Financial Officer
Company: Bionix Development Corp
(Chief Financial Officer, Bionix Development Corp) |

General Liability +22%
Umbrella +48%
Auto +21%
Products Liability +8%

Some of this is attributed to an increase in exposures, but our agent claims the increases are due to payouts from natural disasters.

Richard Hyder
Title: Vice President
Company: Aon
(Vice President, Aon) |

Brenda,

If your rates are going up so substantially either your exposures and losses are commensurate or your broker is doing you a major disservice. Did he/she provide benchmarking, loss forecasting, classification reviews? All of these tools - sometimes not readily available to all brokers - are critical an driving down or streamlining your total cost of risk.

Average Property and Liability rate increases are between 10-15% right now HOWEVER, many competing carriers will offer rate reductions. Its how you and your broker agree to approach the process.

Please email me if need be - happy to help and advise. richard,hyderataon [dot] com

Thanks

Richard

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