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Premiums forecast to rise an average of 3.0% in 2010The insurance market is expected to be less volatile this year, according to the 535 executives who responded to Aon Australia’s Australasian Risk Management Survey. The survey respondents said insurance premiums rose 6.4% on average during the past year. Professional indemnity rose 16.9% while liability – public/products only rose 1.1%. Respondents have forecast that premiums will increase on average by 3.0% in 2010. The greatest increase is expected to be for liability – public/products cover (4.5%), while the lowest increase is expected for medical malpractice (0.4%). “There will be opportunities for single digit reductions on some lines of risks, while others, such as public and product liability, are likely to experience an increase of up to 5%, resulting in a relatively flat market overall,” said Aon Australia CEO Steve Nevett. QBE still the most respected insurerThe survey also ranked the top 10 insurers, with QBE taking the top spot for the fourth year in a row. The top 10 insurers:
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