State of the Insurance Market:
2025 Outlook
Rate Forecast
Select a Category
|
Industries |
Forecast |
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Architects & Engineers
|
-5% to +5%
|
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Architects & Engineers: Professional Liability
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-3% to +5%
|
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Architects & Engineers: GL and Property
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Flat to +10%
|
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Architects & Engineers: Auto
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+3% to 10%
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Architects & Engineers: Umbrella
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+3% to +12%
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Architects & Engineers: Cyber
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-7% to +3%
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Architects & Engineers: Management Liability
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-5% to +2%
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Aviation
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-5% to +5%
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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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Flat to +10%
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Dental: Professional Liability
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+3% to +5%
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Entertainment: Commercial Production/Advertising
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Flat to +5%
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Entertainment — Film/TV
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Flat
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Entertainment — Broadway/Theater
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Flat to +5%*
* *Except Umbrella at +7.5%
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Entertainment — Contingency/Event Cancellation
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+2% to +5%*
*Rate depending on type of risk, geographic location, proximity to extreme weather and coverage options.
|
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Fine Art
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Flat to +3%
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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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+5% 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 to +7%
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Healthcare: Auto
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+5% to +10%
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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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Law Firms
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-5% to +5%
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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: Commercial & Ocean Marine: Marine Cargo: Insurance Rates
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-7.5% to -10%*
* Anticipated decrease, with variations based on product types and loss history
|
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Marine: Commercial & Ocean Marine: Marine Cargo: Inventory Rates
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-5% to -10%*
*Expected decrease for all risks, though some catastrophe areas may see flat rates or increases of 5% or more
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Marine: Ocean Marine & Blue Water: Ocean Hull
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-2.5% to -5%
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Marine: Coastal Marine & Brown Water Marine: Hull
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Flat to minus reductions
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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%
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Nonprofit & Human Services: Auto
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+10% to +12%
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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% to 30%
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Nonprofit & Human Services: Cyber
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Flat to -20%
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Nonprofit & Human Services: Management Liability
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Flat to -15%
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Private Equity: D&O Private
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Flat to -10%
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Private Equity: D&O Public
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Flat to -10%
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Private Equity: General Partnership Liability (D&O/E&O for PE/VC)
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Flat to -5%
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Private Equity: Cyber
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Flat to -10%
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Real Estate: Property: Soft Occupancies (office, retail, & other well-protected risk)
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-5% to -20%
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Real Estate: Property: Tough Occupancies/Non-CAT
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-5% to Flat
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Real Estate: Property: Tough Occupancies/CAT-Exposed
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Flat to +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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Flat
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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
|
+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 +30%
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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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Wineries: Package and Programs
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+10% **
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Wineries: Property
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+10% or higher **
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Wineries: Stock Throughputs
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-10% with improved terms and negotiable profit-sharing agreements **
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Wineries: Different in Conditions
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-5% to -10% **
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Wineries: Admitted Market General Liability
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+5% **
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Wineries: Excess and Surplus Lines Market
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+5% to +10% **
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Wineries: Auto
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+12% or higher **
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Wineries: Umbrella and Excess Liability
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+15% or higher **
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Wineries: Workers’ Compensation
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+5% to +10% **
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Wineries: Cyber and Management Liability
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-15% **
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** The rate trends depicted in this chart are particularly influenced by developments in California and the Western states, where a significant portion of wine production is concentrated.
|
Business Insurance |
Forecast |
|
Casualty — Auto
|
+5% to +25%
|
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Casualty — Workers' Compensation
|
-5% 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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Casualty: Products Liability
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Flat to +5%*
*Higher for complex consumer risks
|
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Cyber — Entities with Good Controls
|
-20%
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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
|
-5% to -15%
|
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Management Liability — Private Company - Excess
|
-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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-30% to Flat
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Property — Poor Quality Risk/CAT/Unfavorable Loss History
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-25% to +10%
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Surety: Contract Surety Bonds
|
Flat
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Surety: Commercial Surety Bonds
|
Flat to +2%
|
|
Employee Benefits |
Forecast |
|
Medical
|
+7% to +11%*
*Trend will vary regionally based on the healthcare delivery system and funding mechanism
|
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Prescription Drugs — Non-Specialty
|
+9% to +12.5%**
** Excludes GLP-1 drug coverage for weight loss
|
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Prescription Drugs — Specialty
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+6% to +16.5%
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Stop-loss Premium — Leveraged Trend
|
+15% to +20%
|
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Private Client Services |
Forecast |
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Private Client Services Property (CAT)
|
+10% to +50%
|
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Private Client Services Property (Non-CAT)
|
Flat to +10%
|
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Private Client Services – Excess Liability
|
+10% or more
|
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Private Client Services – Personal Auto
|
+10% to +15%
|
-
Industries
Forecast
Architects & Engineers-5% to +5%Architects & Engineers: Professional Liability-3% to +5%Architects & Engineers: GL and PropertyFlat to +10%Architects & Engineers: Auto+3% to 10%Architects & Engineers: Umbrella+3% to +12%Architects & Engineers: Cyber-7% to +3%Architects & Engineers: Management Liability-5% to +2%Aviation-5% to +5%Cannabis — Directors & OfficersFlat to +5%Cannabis — All Other LinesFlat to +10%Dental: Professional Liability+3% to +5%Entertainment: Commercial Production/AdvertisingFlat to +5%Entertainment — Film/TVFlatEntertainment — Broadway/TheaterFlat to +5%*
* *Except Umbrella at +7.5%Entertainment — Contingency/Event Cancellation+2% to +5%*
*Rate depending on type of risk, geographic location, proximity to extreme weather and coverage options.Fine ArtFlat to +3%Fine Art: High Risk+15% to +20%Healthcare: Management Liability+5% 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 to +7%Healthcare: Auto+5% to +10%Healthcare: Workers’ CompensationFlat to +5%Healthcare: Primary Professional Liability+10% to +15%Law Firms-5% to +5%Marine: Marinas & Marine Business+12% to +18%Marine: Yacht Clubs & Sailing Orgs.+12% to +18%Marine: Commercial & Ocean Marine: Marine Cargo: Insurance Rates-7.5% to -10%*
* Anticipated decrease, with variations based on product types and loss historyMarine: Commercial & Ocean Marine: Marine Cargo: Inventory Rates-5% to -10%*
*Expected decrease for all risks, though some catastrophe areas may see flat rates or increases of 5% or moreMarine: Ocean Marine & Blue Water: Ocean Hull-2.5% to -5%Marine: Coastal Marine & Brown Water Marine: HullFlat to minus reductionsMarine: 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%Nonprofit & Human Services: Auto+10% to +12%Nonprofit & Human Services: Abuse and Professional+15% to +20%Nonprofit & Human Services: Umbrella+20% to 30%Nonprofit & Human Services: CyberFlat to -20%Nonprofit & Human Services: Management LiabilityFlat to -15%Private Equity: D&O PrivateFlat to -10%Private Equity: D&O PublicFlat to -10%Private Equity: General Partnership Liability (D&O/E&O for PE/VC)Flat to -5%Private Equity: CyberFlat to -10%Real Estate: Property: Soft Occupancies (office, retail, & other well-protected risk)-5% to -20%Real Estate: Property: Tough Occupancies/Non-CAT-5% to FlatReal Estate: Property: Tough Occupancies/CAT-ExposedFlat to +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’ CompensationFlatRelocation+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 +30%Waste & Recycling: Excess+10% to +40%Waste & Recycling: Property+10% to +75%Wineries: Package and Programs+10% **Wineries: Property+10% or higher **Wineries: Stock Throughputs-10% with improved terms and negotiable profit-sharing agreements **Wineries: Different in Conditions-5% to -10% **Wineries: Admitted Market General Liability+5% **Wineries: Excess and Surplus Lines Market+5% to +10% **Wineries: Auto+12% or higher **Wineries: Umbrella and Excess Liability+15% or higher **Wineries: Workers’ Compensation+5% to +10% **Wineries: Cyber and Management Liability-15% **** The rate trends depicted in this chart are particularly influenced by developments in California and the Western states, where a significant portion of wine production is concentrated.
-
Business Insurance
Forecast
Casualty — Auto+5% to +25%Casualty — Workers' Compensation-5% to +5%Casualty — General Liability+4% to +10%Casualty — Umbrella+5% to +35%Casualty: Products LiabilityFlat to +5%**Higher for complex consumer risksCyber — Entities with Good Controls-20%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-30% to FlatProperty — Poor Quality Risk/CAT/Unfavorable Loss History-25% to +10%Surety: Contract Surety BondsFlatSurety: Commercial Surety BondsFlat to +2% -
Employee Benefits
Forecast
Medical+7% to +11%**Trend will vary regionally based on the healthcare delivery system and funding mechanismPrescription Drugs — Non-Specialty+9% to +12.5%**** Excludes GLP-1 drug coverage for weight lossPrescription Drugs — Specialty+6% to +16.5%Stop-loss Premium — Leveraged Trend+15% to +20% -
Private Client Services
Forecast
Private Client Services Property (CAT)+10% to +50%Private Client Services Property (Non-CAT)Flat to +10%Private Client Services – Excess Liability+10% or morePrivate Client Services – Personal Auto+10% to +15%
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Industries
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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.