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No Time to Celebrate Soft Market but Commercial Insurance Rates Stabilizing: WTW

December 29, 2022

With last year’s 25% rate hikes for public directors and officers liability insurance dropping to 2.5%, and 150% hikes for cyber cover sinking to 25%, significant softening is forecast for some casualty lines in 2023.

Those reduced price hikes are the high-end rate changes included in the latest Insurance Marketplace Realities Report published by global broker and advisory firm WTW in early December. On the low end, public D&O insurance buyers could see rates actually drop as much as 7.5%, and cyber insurance buyers might experience flat renewals, the report says.

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