Six Lines of Business See Decreases; Umbrella Moderates
Reported premium changes across major commercial lines were either flat or lower compared to the prior quarter. Six lines—business interruption, commercial property, cyber, D&O, employment practices liability, and workers compensation—recorded decreases in Q3, up from five in Q2.
Umbrella, which had climbed from a 7.0% increase in Q1 2024 to 11.5% in Q2 2025, also eased notably. Respondents reported an average increase of 5.5% for the line, a clear sign that the prolonged upward rate trajectory is losing steam.
Commercial Property Posts First Decrease Since 2017
Commercial property continued to draw industry attention as premiums for the line decreased an average of -0.2%, the first decline since Q2 2017. Survey respondents and market sources described an environment shaped by abundant capacity, a surge of new carrier and MGA entrants, and a significantly more favorable reinsurance market than the one seen in 2023.
Cyber Premiums Drop Again, Marking Fourth Decrease in Six Quarters
The cyber market recorded the largest premium decline among all surveyed lines, falling 2.6% on average in Q3. The decrease marks another record drop and the fourth decline in the past six quarters. Respondents noted that premium pressures mirrored those seen in commercial property: strong capacity, competitive underwriting, and constructive reinsurance conditions. Growth in the cyber ILS market may have further contributed to the buyer-friendly environment.
