Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase. Commercial auto and Commercial property, however, are going to witness more challenging increases, with a 10%-15% projected price increase, due to loss severity and frequency, higher repair costs and extreme weather events. (Credit: Ratana21/Adobe Stock) Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase. Commercial auto and Commercial property, however, are going to witness more challenging increases, with a 10%-15% projected price increase, due to loss severity and frequency, higher repair costs and extreme weather events. (Credit: Ratana21/Adobe Stock)

Though unfavorable conditions for buyers in the P&C insurance market come to be expected, 2024 has shown signs of positive changes to come. New capacity is coming into the marketplace, and price increases will continue at a moderate rate. Reinsurers also have a fuller understanding of their willingness and commitment toward underwriting business.

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