As 2025 gets started, commercial property and casualty insurance lines seem to be mostly headed for stability, according to USI’s 2025 Commercial Property & Casualty Market Outlook.
On the property side, there’s lots of capacity available thanks to favorable underwriting results for both insurers and reinsurers in 2024. Rate relief is expected for insureds with favorable risk profiles, but insurers will likely remain cautious about natural disaster risks. Global natural catastrophe insured losses were about $135 billion globally in 2024, according to Swiss RE.
Some risks — including wildfire-exposed properties, senior housing and affordable and subsidized housing — are still difficult to insure, even with increased capacity. Most of these risks will be placed in the excess and surplus market, which saw property premiums increase 33% over the previous year in 2024.
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