U.S. commercial insurance rates increased 2.9% in the fourth quarter of 2025, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The increase reflects a continued moderation in pricing compared with earlier quarters in 2025 and with the same period in the prior year.
The survey compares premiums for policies underwritten in a given quarter with the same coverage lines in the prior year. This year-over-year comparison provides insight into changes in commercial property and casualty insurance pricing across the market.
Carriers reported an aggregate price increase of 2.9% in Q4 2025. This figure represents a notable decline from the 5.6% increase recorded in Q4 2024. The fourth-quarter results also show continued moderation compared with the previous two quarters of 2025, when rates increased 3.8% in both Q2 and Q3.
According to WTW, the trend reflects broader stabilization across the commercial insurance marketplace.
“Commercial insurance pricing continued to moderate in the fourth quarter, reflecting a more stable market,” said Yi Jing, senior director, Insurance Consulting and Technology (ICT), WTW. “While some lines continue to see increases, others are flattening or declining, highlighting a more measured approach across the market.”
Price growth moderated across most commercial lines in the fourth quarter. Commercial property once again recorded price decreases, while increases in general and products liability continued to slow.
At the same time, commercial multi-peril and business-owner’s policy insurance experienced smaller price increases than in the previous quarter. These results further reflect the broader trend of moderation.
Excess and umbrella liability remained the lines with the largest price increases, although those increases were lower than in the prior quarter. Meanwhile, commercial auto continued to experience strong price growth.
The survey also found that pricing trends differed by account size. Small and mid-market accounts recorded more moderate increases than in earlier periods. Large-account pricing also continued to rise, though at a slower pace.
In addition, several other commercial insurance lines maintained price decreases. These declines further reinforced the overall trend of moderating rate movement across the market.
CLIPS provides a retrospective view of historical changes in commercial property and casualty insurance prices and claims cost inflation. The survey examines pricing trends based on both new and renewal business data obtained directly from insurers underwriting the policies.
Participants in the survey represent a cross-section of U.S. property and casualty insurers, including many of the top ten commercial lines companies and the top 25 insurance groups in the country.
For the most recent survey, 41 participating insurers contributed data. Together, these insurers represent approximately 20% of the U.S. commercial insurance market, excluding state workers’ compensation funds.
The survey compared prices charged on policies written during the fourth quarter of 2025 with prices charged for the same coverage during the fourth quarter of 2024.
WTW publishes CLIPS as part of its analysis of historical insurance pricing trends. Additional forward-looking analysis of commercial property and casualty trends, outlook, and rate predictions appears in WTW’s Insurance Marketplace Realities series.
WTW (NASDAQ: WTW) provides data-driven solutions across people, risk, and capital. The company operates in 140 countries and markets and works with organizations to strengthen strategy, improve organizational resilience, motivate workforces, and maximize performance.
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