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Respondents reported an average increase among all lines of business of 8.1%, slightly down from 8.9% in Q2 and 8.8% in Q1. Trends continued among most major lines of business. According to The Council of Insurance Agents & Brokers Commercial Property/Casualty Market Index, Q3 2023 marks the 24th consecutive quarter of increases.

Notable Trends

Cyber lines reported an increase of only 1.6% this quarter. Workers’ compensation decreased for the seventh consecutive quarter, down -2.0%.

High Claims Frequency, Severity and Inflation Fuel Commercial Property Rise

Commercial property sees fourth consecutive quarter of increases over 15%, coming in at 17.1% in Q3. High reinsurance cost and lack of reinsurance capacity remain driving force behind increases according to respondents.

Atypical weather patterns resulting in natural catastrophes and inflation were also named as major contributors affecting rising commercial property premiums.

Q3 2023 Premium Changes Property
For a consultative approach to navigating coverage and pricing changes within the insurance market, contact a UNICO Advisor.

For more information, download the full report below.

The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q3 2023 (July 1 – September 30). Readers should contact legal counsel or an insurance professional for appropriate advice.