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Indian River County Board of County Commissioners <br />Insurance Market Report - March 2024 <br />Casualty: Single -digit rate increases for now, exposures still up <br />We continue to see single -digit increases within most casualty classes, with general liability rates up by a <br />median average of 4.5% and by 8.1 % for umbrella business and 8.3% for commercial auto in Q4 2023. <br />Social inflation and nuclear verdicts should drive further rate increases going forward. However, there <br />continues to be a greater choice of markets at renewal. <br />Carriers are closely monitoring legal settlements relating to emerging risks, including those involving PFAS <br />"forever chemicals" and biometric (BIPA) privacy breaches. <br />Inflation continues to drive up the cost of auto repair and liability claims, and rating agencies are voicing <br />concern over the potential for adverse reserve development'. <br />"This marketplace is continuing to stabilize. January 2024 casualty treaty renewals were more favorable than originally <br />anticipated. Carriers have benefited from moderate rate increases for the most part and high single -digit rate increases on <br />auto umbrella excess business. The combination of moderate rate increase and exposure increases makes for a healthier <br />marketplace, where premiums are still up near double -digits." <br />Bill Baker, Head of Sales and Gallagher, CORE3601 <br />General liability Rate Trends Q4 2019 - Q4 2023 <br />18.0% 15.9% 16.3% <br />16.0% 13.9% 14.0% 14.8% 14.3% <br />13.7% 13.3% 13.1% 13.5% <br />14.0% _ �� 12.5% 1 > >ac <br />1% 1 -"+.✓ ```�``�f _ <br />12.0% 10.0% 10.0% 11. 0.89 <br />10.0% <br />8.09'0 <br />6.0% 3.39'0 4.8% 4.7% 4.0% 5.0% 5.0% 3.9% 5.0% 4.7% 5.0% 3.3% 4.9% 4.5% <br />4.0% 1.9% t 2.9% 2.0% <br />2.0% <br />Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 <br />2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 <br />Median Rate Change 75th Percentile Rate Change <br />