The Brief, October 23, 2026

The rate surveys landed this week, and they agree: property keeps getting cheaper while casualty does not. Add record carrier profits and a quiet catastrophe year, and buyers have leverage they have not had in years.

Marsh: U.S. commercial rates split, property down 13% and casualty up 7%

Source: insurancebusinessmag.com, October 21, 2026

Marsh's second-quarter index shows overall U.S. rates down 2%, hiding a property decline for the eighth straight quarter and a casualty increase that has run for years. Negotiate property and liability as separate conversations instead of accepting one blended renewal number.

Marsh: global commercial rates fall 5% in the third quarter

Source: insurancejournal.com, October 21, 2026

This was the ninth straight quarterly decline worldwide, with property down 10% and casualty the only line up, driven by U.S. litigation. Buyers generally got lower deductibles and higher limits, so ask for them.

WTW: large property rates drop 14.5%, with a push to reinvest the savings

Source: insurancejournal.com, October 19, 2026

WTW's fall report shows large and complex property pricing down 14.5% in the second quarter and cyber holding roughly flat. Its advice to put savings toward higher limits is worth considering if your property values or umbrella limits have lagged.

Chubb posts record nine-month underwriting income

Source: reinsurancene.ws, October 21, 2026

Chubb reported $5.79 billion of P&C underwriting income for the first nine months, with an 84% combined ratio. Profits that strong tell you carriers can afford to compete for good accounts.

Gallagher Re: global insured catastrophe losses at a seven-year low

Source: insurancebusinessmag.com, October 21, 2026

Insured losses were $92 billion through September, and no single event has topped $10 billion for six quarters, which has pushed reinsurance capital to a record. That capital is what feeds softer property quotes, but one big event can reverse it quickly, so treat the savings as temporary.

Admitted carriers are chasing E&S business, but will they stay?

Source: insurancebusinessmag.com, October 23, 2026

Burns & Wilcox executives described a selective return of admitted insurers to accounts that had been in the non-admitted market and urged brokers to weigh how long that appetite will last. Ask your broker whether a new carrier has a history of staying in your class through a market turn.

ConnectWise breach tests how cyber policies count related losses

Source: insurancebusinessmag.com, October 23, 2026

A compromise of an MSP backup tool reached hundreds of unrelated businesses, and a Lockton cyber leader said whether losses are one event or many depends on the policy's wording. If an IT vendor holds your data, read the aggregation and dependent-business language, and ask your vendor about its own coverage.

Insurers' AI exclusions are spreading, and a startup is raising money to fill the gap

Source: insurancebusinessmag.com, October 19, 2026

Harbor raised $10 million to insure AI-agent errors that some carriers now exclude from professional liability and cyber. If you let software act on customers' behalf, confirm in writing whether your E&O policy responds before relying on a new specialty product.

This week's guide

AI liability insurance: how insurers are treating artificial intelligence risk covers where AI-related losses land under standard policies and what separate coverage looks like.

Tool of the week

cyber insurance readiness checklist walks through the controls underwriters ask about, which matters more when a vendor breach can reach you.