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Q1 2024 P&C Market Index: Minimal Premium Changes from Q4 2023

According to The Council of Insurance Agents & Brokers Commercial Property/Casualty Market Index, premiums increased by an average of 7.7% across all account sizes in Q1 2024, slightly up from 7.0% in the previous quarter. Small and large account premiums both increased by an average of 7.3%, while medium sized accounts had the highest increase for the 4th consecutive quarter, at 8.5%

D&O Premiums Fall as Capacity Increases and Demand Decreases

D&O recorded a decrease in premiums this quarter, at -0.8%. Research by AM Best and Woodruff Sawyer, as well as survey data on underwriting capacity, suggest that the decrease was due to the problem of too much capacity and too little demand. New carriers entered the market due to the attractive environment in 2020 and 2021, but this happened to coincide with a slowdown in litigation, less M&A activity and far fewer IPOs in 2022 and 2023 than in 2021.

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 Q1 2024 (January 1 – March 31). Readers should contact legal counsel or an insurance professional for appropriate advice.