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North American commercial insurance buyers will see continued property insurance rate hikes in 2024, while casualty rates could harden, according to a report issued Monday by Willis Towers Watson PLC.
Nearly all lines of coverage continue to see rate increases, albeit primarily in the single digits, while the property market remains “relatively hard,” WTW said in its Insurance Marketplace Realities 2024 report.
Certain clients and industry sectors still face spiraling premiums at renewal, prompting greater takeup of alternatives such as captives and parametrics, not just in property but in auto liability, cyber risk and terrorism, WTW said.
Despite a relatively calm Atlantic hurricane season, the industry will close 2023 with more than $100 billion of insured property losses, due to the combined impact of inflation, the Maui wildfires and convective storms, WTW said.
The property market will try to lean into the hard market for as long as possible, though that could be increasingly difficult if new money comes into the market on January 1, WTW said.
The casualty market may seek rate increases amid a constricting capital base and ongoing remediation of liability portfolios by insurers, WTW said.
Among the report’s predictions:
“As the reinsurance market continues to exert its influence over retail insurers and capital distribution, our clients may face more uncertainty in 2024 across both property and casualty product lines,” said Jon Drummond, head of broking, North America, WTW, in a statement.
The concept of a bifurcated market may become even more prevalent across multiple lines of business and industries in the foreseeable future, Mr. Drummond said.