Most (but not all) insurance products experienced rate increases in 2023, however some markets saw rates go up at a slower pace than they did the previous two years. (Credit: Diki/Adobe Stock) Most (but not all) insurance products experienced rate increases in 2023, however some markets saw rates go up at a slower pace than they did the previous two years. (Credit: Diki/Adobe Stock)

There are signs that the extreme spikes in property insurance may be softening.

Woodruff Sawyer predicts that there will only be single-digit increases in property and casualty insurance rates in 2024, and Ivans reported that the pace of increases eased for property insurance in November, increasing 9.9%, down from the 10.4% increase in October.

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