WTW survey shows specialty insurance rates slide to 2020 levels at Jan. 1 renewals

Willis Towers Watson

Willis Towers Watson

WTW

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  • Willis Towers Watson survey showed specialty insurance market rates fell through 2025, unwinding prior hard-market gains back to levels last seen in 2021 on a risk-adjusted basis.
  • January 1, 2026 renewals signaled further softening, with insurance rate index down 10 points to 2020 levels.
  • Across 42 material classes, 75% posted gross-of-claims-trend rate decreases for January 1, 2026 renewals, up from 30% in 2024.
  • Aggregated rates fell 5% gross of claims trend, 8% net of claims trend, indicating faster erosion in expected profitability once claims inflation is included.
  • WTW estimated cumulative rate increases of about 45% from 2017 to peak in 2023, with roughly half of that gain erased over past two years; sharpest declines were in Property, Energy, Marine.


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