Average rate increases ease to 2.8% from first quarter’s 3% rise, with commercial property insurance showing improvement, according to Novatae’s Market Barometer.
Commercial insurers earnings are strong, but natural disasters, geopolitical risks, and mounting legal system challenges could upset the balance, the broker finds.
The number of filings in most trend categories is on pace to decline in 2024, except for AI and COVID-19-related filings, which are on pace to increase, the report finds.