Insurance costs projected to rise in 2003

Insurance costs for commercial fleets are projected to increase as much as 20% this year as insurers continue to suffer from poor financial results and heightened fears about terrorist attacks. At the Society of Insurance Research's annual meeting, insurance industry executives warned that costs must rise to stave off the higher price of doing business in the post September 11 environment. Mark Puccia, a managing director at Standard & Poor's, said that commercial insurance prices rose 20-25% in 2002 and might rise another 15-20% in 2003. Brad Kading, an executive with the Reinsurance Assn. of America, said that the ...

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From the Print Issue

November 2009

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