The following are a few key takeaways from The Council of Insurance Agents & Brokers’ Q3 2024 Commercial Property/Casualty Market Report:
- Premiums rose by an average of 5.1% across all account sizes in Q3 2024, a very slight change from the 5.2% increase in the previous quarter. Medium-sized account premiums saw the highest increase out of all three account sizes, at an average of 5.6%.
- Carrier competition for small business likely led to small account increases coming in as the lowest of all account sizes, at 4.4%.
- With the exception of umbrella, all lines of business saw lower increases in premiums in this quarter than in Q2 2024. Similar to last quarter, three lines of business recorded premium decreases this quarter: workers compensation, cyber, and D&O.
