2024 Commercial Insurance Market Outlook
Over the last five years, the commercial insurance sector has been contending with a hard marketplace, thus posing difficult conditions for insurance buyers. These conditions were brought on by a variety of factors that motivated many insurance carriers to reassess their positions in the industry. Specifically, the increased frequency and severity of claims, growing social inflation issues, evolving cyberthreats and worsening natural disasters have contributed to reshaping the market. Consequently, hardened conditions have pressed on for multiple years, prompting most carriers to implement reduced capacity, stringent underwriting standards and rising premiums across several lines of coverage.