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During the third quarter of 2024, commercial insurance rates in the US increased by 3%, with casualty rates up by 10%, according to Marsh’s Global Insurance Market Index. The increase in casualty rates is compared to an increase of 4% each of the last two quarters and is the highest increase since the last quarter of 2020. Auto liability posed challenges due to large jury verdicts, along with rising repair expenses, while the loss cost trend outpaced rate increases in umbrella and excess liability. Commercial property composite rates declined by 1%, and rates for financial and professional lines continued to decrease in Q3.
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