United States Insurance Market Report 2014

US commercial property insurance prices stabilized for many organizations in 2013 as a significant surplus of capital among insurers and reinsurers kept competition high.

Never before have companies of all sizes and across all industries — each with unique risk profiles and exposures — enjoyed such unprecedented insurance market buying opportunities.

The US Insurance Market Report 2014 provides detailed information on commercial insurance market trends and risk issues for all major classes of business and more than 24 industry and specialty lines.

Key findings from the report:

US commercial property insurance prices stabilized for many organizations in 2013 as a significant surplus of capital among insurers and reinsurers kept competition high while catastrophe losses were low.

Despite average year-over-year total directors and officers liability program rate increases reaching as high as 3.6% in 2013, price hikes steadily lost momentum through the fourth quarter and are expected to continue softening.
Casualty insurance markets tempered in 2013, as rate increases were generally lower than had been anticipated at the beginning of the year. This shift in the casualty markets is expected to continue in 2014.

Some specialty lines of coverage, most notably marine liability, continue to firm.

The cost of property terrorism insurance also could become volatile if the Terrorism Risk Insurance Program Reauthorization Act is not reauthorized before it expires on December 31, 2014.

Modest rate firming is expected in the employment practices liability insurance market in 2014, especially for small to midsize employers.