Property insurance was one of the first parts to show signs of softening. The renewal rate fell by 8% in the second quarter of 2025 and 5.5% in the first quarter. Workers’ compensation continues to perform well and is backed by a $16 billion reserve surplus, allowing insurers to maintain rate stability and attractive terms. However, excessive casualties remain an outlier, and the speed is still increasing due to concerns about social inflation, larger judgments and frequency of losses.
