Q1 Rate Report

Sunny Days Ahead:

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The start of 2024 has seen rates largely remain stable, bringing much needed relief across most lines of insurance coverage. Download HUB’s Q1 Rate Report for additional information, including detailed rate forecasts and guidance to help you navigate the evolving insurance marketplace.

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Businesses may finally experience a reprieve from years of continuously rising insurance rates in 2024. With insurance rates moderating in many lines of coverage, and some rates even declining, for many organizations the outlook is bright. Unlike the rate hikes seen at the start of 2023 in response to the uncertainty over the losses insurers would incur from destructive Hurricane Ian and the 2022 Christmas “bomb cyclone,” rates largely remained stable at the start of 2024, and most buyers will be able to procure the insurance coverage they need. In stark contrast with the prior year, when reinsurers substantially raised premiums and worsened coverage terms for most insurers, this year’s January reinsurance renewals showed stabilization. Even property insurance rates — which skyrocketed in early 2023 — stabilized in the first quarter of 2024.

For most policyholders throughout North America, rates will increase slightly for property, commercial auto, general liability and umbrella policies. Those with a favourable claims history and strong risk management program may receive minimal rate increases to flat renewals on those lines. On the other hand, many insureds may see rate decreases for workers’ compensation, directors & officers (D&O) and cyber coverage.

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Make a Plan

The insurance market may look rosy, but maintaining a strong risk management strategy remains imperative for building organizational resilience and vitality.

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When you partner with us, you’re at the center of a vast network of experts who will help you reach your goals. For more information on how to manage your insurance costs, reduce your risk and take care of your employees, talk to a HUB insurance specialist.

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1. The Wall Street Journal, “U.S. Saw Record-Breaking Thunderstorm Damage in 2023,” January 9, 2024.

3. The Insurer, “CatIQ: Canada faced fourth-worst nat cat insured loss year in 2023,” January 8, 2024.

Q1 Rate Report

HUB 2024

Hazy conditions remain for CAT risks

But trouble spots remain. Businesses with exposure to catastrophes (CAT) such as hurricanes, wildfires, earthquakes and severe/convective storms may struggle to find enough insurance and will pay a premium for coverage. Although insurance losses from man-made and natural catastrophes declined 23% in 2023 compared with the prior year, insured losses from the Maui wildfires in August may climb as high as $3.5 billion, and two of the most severe thunderstorms ever recorded in the U.S. cost insurers about $12 billion. Those losses, coupled with inflation that has increased the cost of insuring risk, have made underwriters less willing to take on new risky accounts, particularly businesses in locations with a large concentration of high-value properties. In addition, few new insurers are interested in insuring these types of exposures. Insurers with risk-exposed properties in Canada may also face difficulties finding sufficient coverage. Canada experienced its fourth-worst year of natural catastrophe insured losses in 2023, and insurers are expected to pay as much as CAD 3.1 billion in losses. Similar to the U.S.,

Although a significant CAT event could change the course of the insurance market, today the outlook for 2024 is bright. Organizations that properly manage their risk and embrace creative strategies for insuring against losses can expect sunnier days ahead.

To reduce your total cost of risk, take the time now to implement these best practices:

Educate yourself on the insurance marketplace.

HUB’s proprietary First Quarter 2024 Rate Report provides the latest information on rates and exposures for each insurance line and a wide range of industries. This information will help you and your broker prioritize risk and mitigation measures.

Research your insurers.

Look into the insurers providing you with coverage. Do they have a good reputation? Are they fiscally sound? Dozens of insurance carriers — particularly those in CAT-exposed states like Florida and California — have folded, leaving policyholders in a lurch. Heed the old adage, “You get what you pay for,” and seek out top-rated carriers for coverage — your broker can point you to the best.

Review your risk management plan.

The first quarter of the year is an ideal time to review your risk management program and evaluate its effectiveness. Take this time to look at enterprise-wide risk and how your insurance program is protecting you against exposures, including CAT risks. HUB’s risk and insurance experts can provide the guidance you need to protect against today’s risks and prepare your organization for the future. Call HUB, we’re here to help.

Q1 Rate Report

Based on proprietary insurance premium data, HUB’s network of experts provides insights into the state of the insurance marketplace each quarter. Download our Rate Report to receive detailed rate forecasts and learn how insurance rates may impact your total cost of risk.

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Each fall, we launch our annual Outlook report, which includes insights from HUB practice leaders on what to expect in the world of risk, insurance and benefits.

How it affects you

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Cyber rates are projected to remain flat or decrease up to 10%

Property rates have moderated, with projected rate increases of 0 to 10%

these events have driven up the cost of coverage for catastrophe perils, as well as CAT-exposed properties, in 2024. Fortunately, other affordable options for insureds exist, such as parametric insurance coverage and captive insurance solutions to finance property risks.

2. Munich RE, “Record thunderstorm losses and deadly earthquakes: the natural disasters of 2023,” January 9, 2024.

2024 to Provide Rate Relief for Many Insureds

HUB Outlook 2024

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