Market Pulse

Property pricing softened further in Q2 2026, hitting -8.1%—the fifth straight quarter of decline. Well-documented, loss-free accounts continue capturing the benefit, reinvesting savings into stronger limits and terms. Mid-year reinsurance renewals confirmed the trend, aided by a favorable reinsurance market and a below-normal hurricane outlook. Continued softening is expected into Q3, with storm season as the key variable.

Commercial auto pricing eased to +4.5% in Q2 2026, its lowest reading in three-plus years, but structural pressures persist. Social inflation, nuclear verdicts, and rising repair costs keep loss ratios above 100%. Fleets and high-exposure risks face the toughest conditions. Insurers reward demonstrated safety investment as tariff-driven costs and record total-loss frequency signal further pressure ahead.

General liability pricing eased to +4.5% in Q2 2026, a second straight pullback, though loss severity from social inflation and nuclear verdicts persists. High-hazard sectors and plaintiff-friendly venues face the steepest increases. Tort reform is gaining legislative traction in Georgia and at the federal level. Watch for softening competition emerging on clean, well-documented accounts.

Umbrella pricing eased to +5.0% in Q2 2026, down from Q1’s +8.2%, though the line’s upward trajectory remains intact. Moderating primary casualty pressure is giving underwriters slightly more room to compete. Habitational, healthcare, contractor, and fleet exposures still face disproportionate scrutiny. Strong towers, clean loss history, and early, well-documented submissions remain key to favorable renewals.

Workers’ compensation pricing moved back toward flat at -0.3% in Q2 2026, up from Q1’s -1.0%, reinforcing that the favorable pricing floor may be near. Medical severity, presumption laws, and mental health and cumulative trauma claims continue building pressure. Buyers with strong safety records and clean return-to-work programs remain best positioned to sustain favorable terms.

Private management liability pricing slowed to +0.9% in Q2 2026, signaling market stabilization. Public D&O pricing dropped further to -1.72% as insurers competed for primary business, while total program pricing eased to -2.42%. Clean risks with strong governance remain favorably priced; leverage, crypto/AI exposure, and rebounding securities litigation warrant continued underwriting discipline.

The cyber market remains stable and competitive, though severity is climbing even as frequency declines, driven by ransomware, AI-enabled social engineering, and third-party outages. Capacity stays healthy, with coverage quality and response capabilities key differentiators. Through 2026, expect continued emphasis on control maturity, governance, and third-party risk management as exposures grow more interconnected.