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Q2 2024 U.S. Business Insurance Market Observations

The U.S. Business Insurance Market Observations report combines insights from Marsh McLennan Agency colleagues and market research to bring you up to speed on commercial insurance market trends each quarter. Our report equips you with the information you need to make informed decisions and remain resilient—no matter your industry.

“From the nation’s first-ever federal safety standard addressing excessive heat in the workplace to recent changes in the NCCI workers’ compensation experience rating plan, we aim to provide you with information that is relevant and of interest. Our goal is to keep you informed and poised to adapt and take action.”

-Denise Perlman, CIC, President, National Business Insurance

The Big Picture

The global composite rate tracked in the Marsh Global Insurance Market Index was flat for the first time in 27 quarters, the first time in nearly seven years. However, U.S. commercial insurance prices rose 1% in the second quarter of 2024, trending down from 3% in the two prior quarters.

Tracked in the Marsh Global Insurance Market Index.
 

U.S. Insurance Rates – Second Quarter

2%

or more property rate increases for accounts with loss history challenges and/or much higher for catastrophically exposed properties.

4%

increase in U.S. composite casualty insurance index pricing. Excluding workers’ compensation, the increase was 7%.

-3%

average rate decrease for management and executive liability insurance renewals (excluding cyber).

What you need to know

Make sure you are up to date on relevant commercial insurance market trends impacting your business with our quarterly report.

Download the report.

Business Insurance Trends report

We surveyed business leaders like you to find out what is at the top of their minds this year. Interested in seeing how we can help?