U.S. commercial insurance premiums grew 2.9% in the fourth quarter of 2025, continuing a steady slowdown compared with the 3.8% increase in the second and third quarters, according to global consulting and brokerage firm WTW’s Commercial Insurance Pricing Survey (CLIPS).
Insurers reported overall growth of 2.9% in the fourth quarter of 2025, down from 5.6% in the fourth quarter of 2024. Price growth slowed for most commercial lines, with commercial property insurance premiums declining and general liability and product liability growth slowing. Growth in commercial multi-risk and business owners policies slowed from the previous quarter.
Excess liability and umbrella liability continued to experience the largest increases, albeit less than in the previous quarter, while commercial auto insurance maintained strong growth.
Growth among small and mid-market accounts was more modest, while pricing for large accounts continued to increase at a slower pace. Several other lines also declined, reinforcing the market’s overall benign trend.
“Commercial insurance pricing continued to be moderate in the fourth quarter, reflecting a more stable market,” added Yi Jing, senior director of WTW Insurance Consulting and Technology (ICT). “While some lines continued to grow, others flattened or declined, highlighting a more cautious approach across the market.”
According to ReinsuranceNe.ws, WTW first appeared in the fourth quarter of 2025, with U.S. commercial insurance rate growth slowing down.