State of the Insurance Market

State of the Insurance Market – Q4 2023

In the constantly changing Commercial Business Insurance Industry landscape, it’s crucial to grasp the key insights defining the current market state. Here is a concise overview: 

Commercial Property premiums are a continued challenge. Ensuring your business is adequately insured is key. 

Premiums across various account sizes continued their upward trend, with an average increase of 7.0%, marking the 25th consecutive quarter of increases. While this growth rate slightly decreased from the previous quarter, it remains a significant concern for businesses. Small and large account experienced increases of 6.7% and 6.1% respectively, while medium-sized accounts saw the highest increase, reaching 8.2%.

Demand for the following coverages have increased: 

Cyber Insurance: The highest demand for current commercial insurance policies is Cyber Insurance, around 57%. This coverage demonstrates its importance by encompassing expenses related to investigating and responding to a cyber event, notifying affected parties, and restoring compromised data or systems. Additionally, it may cover legal costs and settlements associated with third-party liability claims.

Commercial Property: The demand for Commercial Property from business owners is reported to be around 52%. Commercial property coverage plays a critical role is safeguarding your business against financial losses resulting from damaged or loss of physical assets. Travelers gives additional information on the contributing factors, here.  

Construction Risks:   The third highest commercial insurance demand is for construction risks, with a coverage demand of 33%, indicating significant interest in this sector. Coverage for construction risks is important as it provides a specialized protection for buildings under construction. 


It’s no secret that the state of the insurance market has been difficult to maneuver in recent times. It’s more important than ever to be aware of the factors contributing to your premiums. Our team at Gilbert’s is committed to ensuring every client has what they need for their business to be successful, not matter how difficult the conversation may be.  

To discuss your options or learn more, contact one of our talented Risk Advisors today!



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