AJG · 10-Q · 2026Q2 · Full report

Insurance Pricing Environment

Arthur J. Gallagher & Co. · 2026-08-05 · Importance 28 · Surprise 32

The Council of Insurance Agents and Brokers’ first-quarter 2026 survey showed U.S. commercial property/casualty insurance rates decreased 1.2%, compared with increases of 4.2%, 3.7%, 1.6% and 0.2% in the four quarters of 2025. Gallagher continues to see carrier competition in property-related coverages, while U.S. casualty lines remain subject to more cautious underwriting. Catastrophe losses, elevated casualty loss trends and insurer profitability concerns could affect pricing, capacity and underwriting terms at property and reinsurance renewals. Inflation-driven increases in insurable values, along with employment levels and changing market risks, continue to expand insured exposures.

Key facts

• The first quarter 2026 CIAB survey indicated that U.S. commercial property/commercial casualty rates decreased 1.2%. source
• The 2025 quarterly CIAB surveys indicated U.S. commercial property/casualty rates increased by 4.2%, 3.7%, 1.6%, and 0.2% on average for the first, second, third and fourth quarters of 2025. source