The Council's Q3 2024 P/C Market Survey captured softening in commercial property lines following several years of significant rate increases, while casualty and umbrella markets remained firm. Cyber insurance premiums continued their gradual stabilization from peak levels. The quarterly data helps brokers benchmark client renewals against broader market trends.
Q3 2024 P/C Market Survey Results
The Council of Insurance Agents & Brokers released its Q3 2024 Commercial P/C Market Survey, reflecting continued mixed conditions across major commercial lines as the market cycle shifted from the extended hard market of 2019–2023.
Key Findings
Commercial property premiums continued to moderate in Q3 2024 after several years of significant rate increases driven by catastrophe losses and reinsurance market pressure. Early signs of softening emerged in property markets, particularly for accounts with strong loss histories and risk management practices.
Casualty lines presented a more complex picture. Excess and umbrella markets remained firm as social inflation and nuclear verdict trends continued to drive loss development. Commercial auto also maintained upward pricing pressure due to ongoing frequency and severity challenges.
Cyber insurance premiums continued their gradual stabilization, with modest decreases reported in some segments following dramatic increases in 2021 and 2022. Improved underwriting practices and increased carrier competition contributed to the more stable pricing environment.
Workers’ compensation remained relatively stable, continuing its position as one of the few lines offering consistent pricing relief for buyers.
About the Survey
The Council’s quarterly P/C Market Survey gathers pricing data from member firms representing the largest commercial insurance brokerages in the country. The survey provides an authoritative benchmark for commercial insurance market conditions by line of business.
