Improved risk management in the workplace is combating liability insurance costs for many businesses according to an ABI survey of its member companies.
The rate of the average liability premium has fallen significantly compared with two years ago, it said.
“There are encouraging signs that the painful but necessary premium increases of the last couple of years and better risk management are starting to ease the pressure on the liability insurance market,” said ABI director of general insurance Nick Starling.
In 2004:
·The average employers' liability premium rose by 7%.
·The cost of the average public liability and professional indemnity insurance policy both increased by 4%.
·These rises compare to average premium increases of between 30% and 40% across the liability insurance market in 2002.
