The property and casualty insurance landscape is continually evolving, influenced by various factors such as economic conditions, regulatory changes, and emerging risks. This forecast aims to provide insights into the key trends, challenges, and opportunities in various lines of coverage for our valued clients, including specific opinions on expected changes in carrier rates for each coverage line.  

In 2024, the property and casualty insurance markets are expected to experience both continuity and change, driven by a combination of external factors and industry-specific trends.  This forecast covers the following lines of coverage:


Trends: The auto insurance sector is poised to see continued advancements in telematics, leading to more personalized pricing models. Autonomous vehicles will gradually impact the industry, necessitating updated coverage and risk assessments.

Challenges: Rising repair and healthcare costs may result in a 5% to 7% increase in premium rates even for risks with favorable loss performance. The industry must also adapt to evolving regulations surrounding self-driving cars. Larger/heavier vehicles will see even higher rate increases than this.

Opportunities: Insurers can leverage data analytics to refine underwriting and claims processes, enhancing the overall customer experience.

Carrier Rate Opinion: We anticipate a moderate rate increase in auto insurance due to rising healthcare and repair costs and increased verdicts, but potential variations will be based on individual account performance and behaviors.

Commercial Property

Trends: The commercial property insurance sector in 2024 will experience changes in property valuation methodologies and the assessment of business interruption risks. Continued effort in reviewing building valuation and replacement cost amongst inflation will be critical to avoid coinsurance penalties and the risk of underinsured larger losses.

Challenges: Property valuation changes may impact premium rates, with potential fluctuations in property insurance costs based on location and the nature of the insured’s business. Continued concerns for wildfire, hail, and other catastrophic loss will push potential rate increases to the 8% to 10% range.

Opportunities: Insurers can provide specialized risk assessment and coverage solutions to address evolving property valuation and business interruption risks.  

Carrier Rate Opinion: Rates for commercial property insurance are likely to see fluctuations based on several factors. Ongoing concerns regarding catastrophic loss, inflation, and social pressures will continue to drive property prices upwards with near double-digit rate percentage increases.


Trends: Product liability and general liability insurance will see changes due to increased litigation and regulatory scrutiny. Environmental liability may also become a more prominent issue.

Challenges: The liability landscape is evolving, leading to increased uncertainty in underwriting and claims handling. Rates for liability insurance may increase by 4% to 8% with emerging technology and environmental liability coverage experiencing higher rate hikes.

Opportunities: Developing expertise in emerging liability areas, such as AI and autonomous technologies will be critical. Insurers can also explore partnerships with law firms and risk management consultants to provide enhanced programs in hopes of reducing or offsetting the increases that one would be faced with in the absence of such programs.

Carrier Rate Opinion: Increased litigation and regulatory scrutiny will continue for the foreseeable future with rates expected to be in the mid to upper single-digit increase range.

Workers Compensation

Trends: The pandemic has reshaped the workers compensation landscape with remote work and mental health issues becoming focal points.

Challenges: Determining the compensability of remote work-related injuries and managing mental health claims pose unique challenges. Ongoing concerns with legal representation and increased medical costs for treatment will continue to exert pressure on claim settlement.

Opportunities: Innovative solutions for assessing and managing remote work-related claims can provide a competitive advantage. Offering holistic employee wellness programs may also be a differentiator. Consider a review of your pre and post-hiring practices. This is the most profitable line of business for carriers, so expect continued competition as all carriers wish to write more business for this line of coverage.

Carrier Rate Opinion: Rates for workers compensation will vary by industry. The multi-year reductions in rate may be drying up and rates are expected to remain flat to a slight increase up to 5%.

As your trusted insurance partner, CRS is dedicated to delivering proactive and strategic support to meet the demands of your organization. We will closely monitor carrier rate changes and work with you to ensure your coverage remains aligned with your risk exposure. We appreciate the partnership and opportunity to be a part of your team.