State of the Insurance Market Report

2024 Initial Outlook:
Rate Table

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Industries	Forecast
Aviation	+5% to +25%
Cannabis — Directors & Officers	-10% to Flat
Cannabis — All Other Lines	+5% to +15%
Education — Student Health	Flat to +5%
Education — Property	See Property
Education — Management Liability	Flat to -5% decrease for well-managed programs. Poorly managed may see increases up to +10%
Education — Cyber	Flat to +10% decrease for accounts with strong controls and good loss history; +5% or higher increase for accounts with subpar controls and/or negative claims history
Education — Casualty - Auto	+5% to +20%
Education — Casualty - Workers' Compensation	Flat to +5%
Education — Casualty - General Liability	+1% to +10%
Education — Casualty - Umbrella	+1% to +20%
Entertainment — Film/TV	Flat to +5%
Entertainment — Broadway/Theater	Flat to +5%
Healthcare — Management Liability	+5% to +10%
Healthcare — Managed Care E&O	+10 to +15%
Healthcare — Managed Care, Accident & Health Reinsurance	+8% to +20%
Healthcare — Physician Medical Malpractice	Up to +15%
Healthcare — Excess Liability	+10%
Healthcare — Property/Non-CAT Exposures	+5% to +10%
Healthcare — Auto	+5% to +10%
Healthcare — Workers’ Compensation	Flat to +5%
Healthcare — Primary Professional Liability	+10% to +20%
Fine Art	Flat to +5%
Fine Art — High Risk	+25% to +50%
Marine Business	+15% to +25%
Nonprofit & Human Services — Property - Average Risk	+5% to +10%
Nonprofit & Human Services — Property — Below Average Risk	+10% to +30%
Nonprofit & Human Services — Auto	+6% to +13%
Nonprofit & Human Services — Casualty - Good Loss Experience	+3% to +6%
Nonprofit & Human Services — Casualty - Poor Loss Experience	+15% to +20%
Nonprofit & Human Services — Umbrella	+5% to +10%
Nonprofit & Human Services — Cyber	Flat to +15%
Nonprofit & Human Services — Management Liability	Flat to +15%
Private Equity — D&O Private	-10% to flat
Private Equity — D&O Public	-10% to flat
Private Equity — Reps & Warranties	-10% to -15%
Professional Services - Architects & Engineers	-5% to +5%
Professional Services — Law Firms	-5% to +5%
Real Estate	See Property
Relocation	+5% to +7%
Transportation — Auto Liability	+20% to +25%
Transportation — Physical Damage	+20% to +25%
Transportation — Umbrella Liability	+25% to +100%
Waste & Recycling — Auto	+10% to +40%
Waste & Recycling — Excess	+10% to +50%
Waste & Recycling — Property	+10% to +75%

Industries	Forecast
Aviation	+5% to +25%
Cannabis — Directors & Officers	-10% to Flat
Cannabis — All Other Lines	+5% to +15%
Education — Student Health	Flat to +5%
Education — Property	See Property
Education — Management Liability	Flat to -5% decrease for well-managed programs. Poorly managed may see increases up to +10%
Education — Cyber	Flat to +10% decrease for accounts with strong controls and good loss history; +5% or higher increase for accounts with subpar controls and/or negative claims history
Education — Casualty - Auto	+5% to +20%
Education — Casualty - Workers' Compensation	Flat to +5%
Education — Casualty - General Liability	+1% to +10%
Education — Casualty - Umbrella	+1% to +20%
Entertainment — Film/TV	Flat to +5%
Entertainment — Broadway/Theater	Flat to +5%
Healthcare — Management Liability	+5% to +10%
Healthcare — Managed Care E&O	+10 to +15%
Healthcare — Managed Care, Accident & Health Reinsurance	+8% to +20%
Healthcare — Physician Medical Malpractice	Up to +15%
Healthcare — Excess Liability	+10%
Healthcare — Property/Non-CAT Exposures	+5% to +10%
Healthcare — Auto	+5% to +10%
Healthcare — Workers’ Compensation	Flat to +5%
Healthcare — Primary Professional Liability	+10% to +20%
Fine Art	Flat to +5%
Fine Art — High Risk	+25% to +50%
Marine Business	+15% to +25%
Nonprofit & Human Services — Property - Average Risk	+5% to +10%
Nonprofit & Human Services — Property — Below Average Risk	+10% to +30%
Nonprofit & Human Services — Auto	+6% to +13%
Nonprofit & Human Services — Casualty - Good Loss Experience	+3% to +6%
Nonprofit & Human Services — Casualty - Poor Loss Experience	+15% to +20%
Nonprofit & Human Services — Umbrella	+5% to +10%
Nonprofit & Human Services — Cyber	Flat to +15%
Nonprofit & Human Services — Management Liability	Flat to +15%
Private Equity — D&O Private	-10% to flat
Private Equity — D&O Public	-10% to flat
Private Equity — Reps & Warranties	-10% to -15%
Professional Services - Architects & Engineers	-5% to +5%
Professional Services — Law Firms	-5% to +5%
Real Estate	See Property
Relocation	+5% to +7%
Transportation — Auto Liability	+20% to +25%
Transportation — Physical Damage	+20% to +25%
Transportation — Umbrella Liability	+25% to +100%
Waste & Recycling — Auto	+10% to +40%
Waste & Recycling — Excess	+10% to +50%
Waste & Recycling — Property	+10% to +75%

Business Insurance	Forecast
Casualty — Auto	+5% to +20%
Casualty — Workers' Compensation	Flat to +5%
Casualty — General Liability	+1% to +10%
Casualty — Umbrella	+1% to +20%
Cyber — Entities with Good Control	-10% to Flat
Cyber — Entities with Poor Control	+5% to +10%
Environmental	-5% to +5%
Management Liability — Private Company - Primary	-5% to -15%
Management Liability — Private Company - Excess	-10% to -30%
Management Liability — Public Company - Primary	-10% to Flat
Management Liability — Public Company - Excess	-10% to -30%
Management Liability — Financial Institutions - Primary	-5% to Flat
Management Liability — Financial Institutions - Excess	-5% to -15%
Management Liability — Employment Practices - Primary	-10% to Flat
Management Liability — Employment Practices - Excess	-10% to -20%
Management Liability — Fiduciary Liability - Primary	-10% to Flat
Management Liability — Fiduciary Liability - Excess	-10% to -20%
Property — High Quality Risk/No CAT/Favorable Loss History	+10% to +15%
Property — Poor Quality Risk/CAT/Unfavorable Loss History	+50% or more
Surety	Flat

Private Client Services	Forecast
Private Client Services – Property	+10% to +50%
Private Client Services – Excess Liability	+10% or more
Private Client Services – Personal Auto	+12% to +15%
Private Client Services – Marine/Yachts	Flat to +10%

Employee Benefits	Forecast
Medical	+9% to +12.5%
Prescription Drugs — Retail	+8% to +9.5%
Prescription Drugs — Specialty	+12.5% to +14%
Stop-loss Premium — Leveraged Trend	+16% to +19%

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Rate Table

Industries

Business Insurance

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Private Client Services

Employee Benefits

Risk Management

The contents of this report are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.