Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase. Commercial auto and Commercial property, however, are going to witness more challenging increases, with a 10%-15% projected price increase, due to loss severity and frequency, higher repair costs and extreme weather events. (Credit: Ratana21/Adobe Stock)
Though unfavorable conditions for buyers in the P&C insurance market come to be expected, 2024 has shown signs of positive changes to come. New capacity is coming into the marketplace, and price increases will continue at a moderate rate. Reinsurers also have a fuller understanding of their willingness and commitment toward underwriting business.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
