Commercial property and casualty insurance premiums rose by 5.1% in Q3 2024, driven by an 8.6% increase in umbrella insurance due to social inflation and litigation. While umbrella insurance costs surged, other lines like commercial auto and property saw moderated increases. Meanwhile, competition led to price decreases in directors and officers (D&O) and cyber insurance. Small business owners should understand these trends as they highlight the crucial role of insurance in managing risks and ensuring financial protection.
