24 Apr State of the Insurance Market – Q4 2024
Staying informed about the latest trends and demands of the Commercial Business Insurance Industry is essential. Below is a summary of the State of the Insurance Market – Q4 2024:
Commercial Property premiums are a continued challenge. Ensuring your business is adequately insured is key.
Premiums across all account sizes rose for the 29th consecutive quarter, averaging a 5.4% increase in Q4 of 2024. This is an increase from Q3’s 5.1% increase from the previous quarter. Medium-sized businesses saw the highest average increase at 6.5%, closely followed by large accounts at 6.3%.
Notable Line of Business for the following coverages:
Commercial Auto: Commercial auto saw the highest average premium increase this quarter at 8.9%. This marks the 54th consecutive quarter of rising premiums in this line. Driver shortages, rising repair costs, and lingering supply chain disruptions have all contributed to more frequent and severe claims. For more details on contributing factors, see additional information from Travelers here.
Umbrella Insurance: Closely following commercial auto, umbrella premiums climbed 8.7% this quarter. These policies offer critical excess liability protection, and the increased severity of claims is contributing to growing demand and cost.
It’s no secret that navigating the insurance market has become increasingly challenging. Now more than ever, it’s crucial to understand the factors affecting your premiums. At Gilbert’s, we’re committed to ensuring every client has what they need to succeed, even when the conversations are tough.
To discuss your options or learn more, contact one of our talented Risk Advisors today!
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