The following are a few key takeaways from The Council of Insurance Agents & Brokers’ Q4 2024 Commercial Property/Casualty Market Report:
- Premiums across all account sizes rose by an average of 5.4% in Q4 2024, a slight increase from the previous quarter’s 5.1%. As in Q3 2024, premiums for medium accounts had the largest average increase of 6.4%, closely followed by 6.3% for large accounts.
- Most lines of business recorded average increases in premiums roughly comparable to or lower than those reported in Q3 2024. Workers compensation, D&O, and cyber premiums continued to fall this quarter, and employment practices joined them with an average decrease of 0.2%.
- Cyber premiums fell by an average of 1.8% this quarter, a record low for the line and the second one set in 2024 after the 1.7% decrease reported in Q2 2024. Increased underwriting capacity and competition among carriers for U.S. cyber business, as well as increased cyber resiliency, may all have contributed to this downward pressure on premiums.
