Single-digit rate increases are expected in 2024, similar to the ones seen in 2023, according to Woodruff Sawyer’s recently published P&C Looking Ahead Guide.
Despite economic and social inflation continuing to contribute to premium increases in the P&C insurance market, and rising reinsurance costs due to severe weather events that have led to higher property costs, analysts do not expect significant rate increases next year.
According to Carolyn Polikoff, Woodruff Sawyer’s Commercial Lines President, whether this trend continues depends on three factors that are impacting P&C premiums: inflation, more frequent and severe catastrophic losses, and reinsurance costs.
