Softening market conditions continued into Q2 2025, with overall average premiums declining further to 3.7% — down from 4.2% in Q1 — and large account increases falling sharply to just 2.9%, a 45% drop from the prior quarter.
Umbrella was the notable exception to the softening trend, surging to an 11.5% average increase as record numbers of nuclear verdicts (135 in 2024 alone, up 52% from 2023) and thermonuclear verdicts drove losses through policy limits into umbrella layers, while carriers simultaneously reduced capacity and tightened available limits. On the other side of the ledger, D&O premiums fell for the sixth consecutive quarter at -2.5%, with more than $1 billion in excess market capacity and the best loss experience in over a decade creating intense pricing competition; several respondents noted carriers were using D&O and workers compensation decreases to offset increases they were pushing in umbrella. Commercial property, which had been one of the most troubled lines in 2023–2024, continued its rapid moderation with a just 1.9% increase — nearly 70% lower than Q4 2024’s 6.0%.
