Growing Fatigue Among Insureds Due to High Rate Increases

The Council’s Commercial P/C Market Index for Q2 is here.
By Zach West Posted on August 16, 2023

Commercial property had the highest reported increase out of all lines, at 18.3%. Natural catastrophe losses and rising property values were among the primary drivers of these increases, according to respondents. Issues with reinsurance capacity led to difficulties placing property policies in the admitted market, especially for coastal property, as well as non-renewals from some carriers on existing accounts. Cyber premiums rose by only 3.6% this quarter, the strongest sign of relief for the line seen so far. Respondents also reported greater carrier appetite for underwriting cyber.

Download the Q4 2022 report.

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