A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.”
“Our forecast calls for 5% to 15% rate increases for non-catastrophe property with minimal loss history and good risk quality; 15% to 30%+ for CAT-exposed property with minimal loss history and good risk quality; and 15% to 30%+ rate increases for those risks with poor loss history or poor risk quality,” said the company’s 2024 Commercial Property and Casualty Market Outlook.
