Average premium increases among all lines of business decreased for the third consecutive quarter, coming in at 7.0%, the lowest since Q1 2022 (6.6%). According to The Council of Insurance Agents & Brokers Commercial Property/Casualty Market Index, Q4 2023 marks the 25th consecutive quarter of increases.
% of Respondents Reporting a Decrease in Commercial Property Underwriting Capacity
Future premium Increase(s) Top List of Client Concerns in Q4
80% of respondents reported rate fatigue weighed on insureds. High current premiums and coverage limitations round out the top 3 concerns.
A higher percent of reported clients, on average, felt fatigued by additional underwriting information requests and needs, increasing from 48% in Q3 to 55% in Q4.
Top 3 Client Concerns in Q4 2023
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 (October 1 – December 31). Readers should contact legal counsel or an insurance professional for appropriate advice.
