State of the Insurance Market Report
2025 Initial Outlook and 2024 Wrap-Up
Rate Forecast
Select a Category
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Industries |
Forecast |
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Aviation
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Flat to +15%
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Cannabis — Directors & Officers
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Flat to +5%
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Cannabis — All Other Lines
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+10% to +20%
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Education — Student Health
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Flat to +5%
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Entertainment — Film/TV
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Flat to +5%
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Entertainment — Broadway/Theater
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Flat to +5%
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Fine Art
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Flat to +5%
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Fine Art: High Risk
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+15% to +20%
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Healthcare — Management Liability
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Flat to +10%
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Healthcare — Managed Care E&O
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+10 to +15%
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Healthcare — Managed Care, Accident & Health Reinsurance
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+8% to +20%
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Healthcare — Physician Medical Malpractice
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+5% to +20%
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Healthcare — Excess Liability
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+10% to +15%
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Healthcare — Property/Non-CAT Exposures
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Flat/as expiring to +7%
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Healthcare — Auto
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Flat to +5%
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Healthcare — Workers’ Compensation
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Flat to +5%
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Healthcare — Primary Professional Liability
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+10% to +15%
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Marine: Marinas & Marine Business
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+12% to +18%
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Marine: Yacht Clubs & Sailing Orgs.
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+12% to +18%
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Marine: Marine Cargo
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-4% to -7.5%
(with exceptions based on type of products shipped, loss history etc.) |
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Marine: Marine Inventory
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Minimal increases for all risks
(5% increase and higher for certain CAT areas) |
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Marine: Ocean Marine & Blue Water: Ocean Hull
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-2.5%
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Marine: Ocean Marine & Blue Water: Protection and indemnity (P&I)
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+5%
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Marine: Coastal Marine & Brown Water Marine: Hull
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Flat to +5%
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Marine: Coastal Marine & Brown Water Marine: P&I
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+5% to +7%
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Marine: Coastal Marine & Brown Water Marine: Marine Liabilities
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Flat to + 3%
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Marine: Coastal Marine & Brown Water Marine: Marine Excess
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+7% to +15%
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Nonprofit & Human Services — Property - Average Risk
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+10% to +25%
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Nonprofit & Human Services — Auto
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+5% to +25%
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Nonprofit & Human Services — General Liability
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+3% to +25%
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Nonprofit & Human Services — Abuse and Professional
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+15% to +20%
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Nonprofit & Human Services — Umbrella
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+20%
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Nonprofit & Human Services — Cyber
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Flat
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Nonprofit & Human Services — Management Liability
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Flat to +10%
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Private Equity — D&O Private
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-10% to Flat
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Private Equity — D&O Public
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-10% to Flat
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Private Equity — General Partnership Liability (D&O/E&O for PE/VC)
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-5% to Flat
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Professional Services - Architects & Engineers
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-5% to +5%
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Professional Services — Law Firms
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-5% to +5%
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Real Estate: Property: Soft Occupancies (office, retail, & other well-protected risk)
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-15% to +5%
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Real Estate: Property: Tough Occupancies/Non-CAT
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Flat to +10%
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Real Estate: Property: Tough Occupancies/CAT-Exposed
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+5% or greater
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Real Estate: Liability: General Liability
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Flat to +10%
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Real Estate: Liability: Auto
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+5% to +10%
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Real Estate: Liability: Umbrella
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+5% to +15%
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Real Estate: Liability: Excess Liability
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+5% to +15%
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Real Estate: Liability: Workers’ Compensation
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Stable
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Relocation
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+4% to +6%
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Transportation — Auto Liability
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+10% to +20%
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Transportation — Physical Damage
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+20% to +25%.
(However, we are seeing increased deductibles to reduce the rate increase.) |
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Transportation — Umbrella Liability
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+10% to +30%
(Mainly following the primary auto increase) |
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Waste & Recycling — Auto
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+10% to +40%
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Waste & Recycling — Excess
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+10% to +40%
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Waste & Recycling — Property
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+10% to +75%
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Business Insurance |
Forecast |
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Casualty — Auto
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+5% to +25%
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Casualty — Workers' Compensation
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Flat to +5%
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Casualty — General Liability
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+4% to +10%
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Casualty — Umbrella
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+5% to +35%
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Cyber — Entities with Good Controls
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-5% to -10%
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Cyber — Entities with Layered Cyber Controls
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-20%
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Environmental
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-5% to +5%
(Market remains soft and extremely competitive on new placements. Renewals can expect on average –5% to +5% based upon policy term and complexity of risk.) |
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Management Liability — Private Company - Primary
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-5% to -15%
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Management Liability — Private Company - Excess
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-10% to -30%
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Management Liability — Public Company - Primary
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-10% to Flat
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Management Liability — Public Company - Excess
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-10% to -30%
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Management Liability — Financial Institutions - Primary
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-5% to Flat
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Management Liability — Financial Institutions - Excess
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-5% to -15%
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Management Liability — Employment Practices - Primary
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-10% to Flat
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Management Liability — Employment Practices - Excess
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-10% to -20%
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Management Liability — Fiduciary Liability - Primary
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-10% to Flat
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Management Liability — Fiduciary Liability - Excess
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-10% to -20%
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Property — High Quality Risk/No CAT/Favorable Loss History
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-5% to +5%
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Property — Poor Quality Risk/CAT/Unfavorable Loss History
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+15% to +25% or more
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Surety: Bonds (Contract)
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Flat
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Surety: Bonds (Commercial)
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Flat to +2%
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Employee Benefits |
Forecast |
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Medical
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+7% to +11%
(Trend will vary regionally based on the healthcare delivery system and funding mechanism) |
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Prescription Drugs — Retail
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+9% to +10.5%
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Prescription Drugs — Specialty
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+14% to +16.5%
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Stop-loss Premium — Leveraged Trend
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+16% to +19%
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Private Client Services |
Forecast |
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Private Client Services – Property
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+10% to +50%
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Private Client Services – Excess Liability
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+10% or more
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Private Client Services – Personal Auto
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+12% to +15%
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Private Client Services – Marine/Yachts
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+10% to +25%
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Industries
Forecast
AviationFlat to +15%Cannabis — Directors & OfficersFlat to +5%Cannabis — All Other Lines+10% to +20%Education — Student HealthFlat to +5%Entertainment — Film/TVFlat to +5%Entertainment — Broadway/TheaterFlat to +5%Fine ArtFlat to +5%Fine Art: High Risk+15% to +20%Healthcare — Management LiabilityFlat to +10%Healthcare — Managed Care E&O+10 to +15%Healthcare — Managed Care, Accident & Health Reinsurance+8% to +20%Healthcare — Physician Medical Malpractice+5% to +20%Healthcare — Excess Liability+10% to +15%Healthcare — Property/Non-CAT ExposuresFlat/as expiring to +7%Healthcare — AutoFlat to +5%Healthcare — Workers’ CompensationFlat to +5%Healthcare — Primary Professional Liability+10% to +15%Marine: Marinas & Marine Business+12% to +18%Marine: Yacht Clubs & Sailing Orgs.+12% to +18%Marine: Marine Cargo-4% to -7.5%
(with exceptions based on type of products shipped, loss history etc.)Marine: Marine InventoryMinimal increases for all risks
(5% increase and higher for certain CAT areas)Marine: Ocean Marine & Blue Water: Ocean Hull-2.5%Marine: Ocean Marine & Blue Water: Protection and indemnity (P&I)+5%Marine: Coastal Marine & Brown Water Marine: HullFlat to +5%Marine: Coastal Marine & Brown Water Marine: P&I+5% to +7%Marine: Coastal Marine & Brown Water Marine: Marine LiabilitiesFlat to + 3%Marine: Coastal Marine & Brown Water Marine: Marine Excess+7% to +15%Nonprofit & Human Services — Property - Average Risk+10% to +25%Nonprofit & Human Services — Auto+5% to +25%Nonprofit & Human Services — General Liability+3% to +25%Nonprofit & Human Services — Abuse and Professional+15% to +20%Nonprofit & Human Services — Umbrella+20%Nonprofit & Human Services — CyberFlatNonprofit & Human Services — Management LiabilityFlat to +10%Private Equity — D&O Private-10% to FlatPrivate Equity — D&O Public-10% to FlatPrivate Equity — General Partnership Liability (D&O/E&O for PE/VC)-5% to FlatProfessional Services - Architects & Engineers-5% to +5%Professional Services — Law Firms-5% to +5%Real Estate: Property: Soft Occupancies (office, retail, & other well-protected risk)-15% to +5%Real Estate: Property: Tough Occupancies/Non-CATFlat to +10%Real Estate: Property: Tough Occupancies/CAT-Exposed+5% or greaterReal Estate: Liability: General LiabilityFlat to +10%Real Estate: Liability: Auto+5% to +10%Real Estate: Liability: Umbrella+5% to +15%Real Estate: Liability: Excess Liability+5% to +15%Real Estate: Liability: Workers’ CompensationStableRelocation+4% to +6%Transportation — Auto Liability+10% to +20%Transportation — Physical Damage+20% to +25%.
(However, we are seeing increased deductibles to reduce the rate increase.)Transportation — Umbrella Liability+10% to +30%
(Mainly following the primary auto increase)Waste & Recycling — Auto+10% to +40%Waste & Recycling — Excess+10% to +40%Waste & Recycling — Property+10% to +75% -
Business Insurance
Forecast
Casualty — Auto+5% to +25%Casualty — Workers' CompensationFlat to +5%Casualty — General Liability+4% to +10%Casualty — Umbrella+5% to +35%Cyber — Entities with Good Controls-5% to -10%Cyber — Entities with Layered Cyber Controls-20%Environmental-5% to +5%
(Market remains soft and extremely competitive on new placements. Renewals can expect on average –5% to +5% based upon policy term and complexity of risk.)Management Liability — Private Company - Primary-5% to -15%Management Liability — Private Company - Excess-10% to -30%Management Liability — Public Company - Primary-10% to FlatManagement Liability — Public Company - Excess-10% to -30%Management Liability — Financial Institutions - Primary-5% to FlatManagement Liability — Financial Institutions - Excess-5% to -15%Management Liability — Employment Practices - Primary-10% to FlatManagement Liability — Employment Practices - Excess-10% to -20%Management Liability — Fiduciary Liability - Primary-10% to FlatManagement Liability — Fiduciary Liability - Excess-10% to -20%Property — High Quality Risk/No CAT/Favorable Loss History-5% to +5%Property — Poor Quality Risk/CAT/Unfavorable Loss History+15% to +25% or moreSurety: Bonds (Contract)FlatSurety: Bonds (Commercial)Flat to +2% -
Employee Benefits
Forecast
Medical+7% to +11%
(Trend will vary regionally based on the healthcare delivery system and funding mechanism)Prescription Drugs — Retail+9% to +10.5%Prescription Drugs — Specialty+14% to +16.5%Stop-loss Premium — Leveraged Trend+16% to +19% -
Private Client Services
Forecast
Private Client Services – Property+10% to +50%Private Client Services – Excess Liability+10% or morePrivate Client Services – Personal Auto+12% to +15%Private Client Services – Marine/Yachts+10% to +25%
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Industries
Insurance experts in our industry specialty practices work with our clients and are in the market placing insurance coverage every day. Review their outlook for your industry.
Business Insurance
The experts that support key business product lines across our organization are in the market placing insurance coverage every day. Take a look at their observations on the insurance landscape.
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Our industry and product line specialists have collaborated to provide an update on current trends and market conditions. We invite you to explore their insights by downloading our latest State of the Insurance Market Report.
The contents of this report are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.