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Indian River County Board of County Commissioners *tORE,360 <br />llagher <br />i . <br />Insurance Market Report -March 2024 <br />Key Trends <br />Property: Slight easing of capacity constraints, but no time for complacency <br />Property premium rates hardened by an average of 14.4% in the fourth quarter, showing a slight <br />moderation after rates hardened by a median of 16.5% in Q3 and 17.8% in Q2 2023. <br />Year-on-year, Q4 rate increases remain higher than the same period of the previous year (10.3°/x). <br />Close to 80% of clients experienced an increase on their renewal price in the fourth quarter of 2023. <br />While the market is plateauing at mid -teen rate increases, it is important to continue to explore all the <br />options. There will be tough renewals ahead, and clients should prepare for potential double-digit increases <br />in premium rates. <br />In Florida, the first quarter Public Entity renewals came in with rate increases between 2-12%; the average <br />was 6%. <br />"A lot of our clients may hear the message that the market is moderating and the pace of rate <br />increases has decelerated. But the expectation that you may get the same renewal as <br />everyone else shouldn't be there. <br />We need to continue to deploy those harder market strategies because there will be some <br />tough renewals out there. Not everyone is going to have the same result, and there's still <br />some displacement with carriers. Some property carriers are still continuing to re -underwrite <br />their book." <br />Martha Bane, Executive VP, Managing Director, Property Practice, Gallagher <br />