Council Q3 2024 P/C Market Survey Results
More premium increase moderation, but umbrella sees effects of social inflation.
The average premium increase across all account sizes was 5.1% in Q3 2024, down very slightly from 5.2% in Q2. Premiums across all lines of business also saw a similarly small change at an average of 5.7% in Q3, compared to 5.6% in Q2.
Across the board, all lines of business recorded lower average premium increases than in Q2—with one exception. Umbrella premiums rose by an average of 8.6%, up noticeably from 7.2% in the previous quarter, according to respondents. Of those respondents who reported a change in umbrella capacity, 70% reported a decrease, and decreases in capacity are often associated with higher premiums. Othe respondents noted more scrutiny from underwriters and reduced limits for this line.
D&O premiums fell the most this quarter, at an average rate of -1.9%, followed by cyber at -1.5% and workers compensation at -1.4%. “D&O continued to be extremely competitive,” said one respondent from a large Northeastern firm, one factor likely driving the D&O decrease. The decrease in cyber premiums also stood out, considering several respondents reported increases in cyber liability claims and demand for the line remained high.
